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XRP Price Analysis: Buyers Show Weakness but Will Ripple Face Another Sell-Off?

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Even though Ripple is trading on its all-important support, buyers don’t seem to have much desire to catch the falling knife. So the question is, will the cryptocurrency experience another sell-off?

Technical analysis

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By Grizzly

Daily chart

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On the daily time frame, despite the fact that the bearish momentum has decreased, there are still no signs of the bulls entering the market. These stops in a downtrend are usually caused by traders covering their short positions (take profit). At the same time, there are still no positive movements on the chart.

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We can expect a new sell-off in the market if the forthcoming Fed statement sends a negative signal to the market. In this case, $0.22-$0.24 can be considered a support zone.

Based on the current market structure, any uptrend that fails to cross the $0.5-$0.55 resistance area should be considered a false breakout.

Key levels of support: $0.32 and $0.22
Key resistance levels: $0.44 and $0.50

Source; trade view

Moving averages:
MA20: $0.35
MA50: $0.41
MA100: $0.58
MA200: $0.81

XRP/BTC chart

Against BTC, the bullish rally ended when the price reached the horizontal resistance at 1700 Satoshi. This chart shows the resistance zone in the range of 1700-1800 sats (circled in red).

If the bulls fail to maintain a positive momentum, the rally could also be confirmed as a dead cat bounce. As long as the price fails to overcome critical resistances, the overall picture tends to be bearish.

Key levels of support: 1550 sat and 1250 sat
Key resistance levels: 1700 Sat and 1800 Sat

Source: Trading View
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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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