After bitcoin, the crypto market has had a green day so far. Investors holding altcoins are optimistic and anticipating a trend reversal.
daily chart
technical analysis by grizzly
Over the past two years, since the COVID crash in March 2020, Ripple has experienced daily time frame volatility inside its Fibonacci channel.
The price failed to reach its ATH at $3.3 and started a ‘boring’ correction in May last year. The news of the Ripple vs. SEC case and related statements from the SEC left its holders completely disappointed.
But with the recent release of positive news, expectations returned to the project, leading to a positive price movement in XRP.
The price is now trading near the bottom of its Fibonacci channel and has hit higher levels in the past month. It looks like XRP could reach the specified Fibonacci target if the market bears the current volatility due to macro, as seen below.
The first major resistance is at $1 and then at $1.14. If the market fails to reclaim these levels, notable supports at $0.51 and $0.42 are levels where bulls are expected to defend their positions.
Indicators
RSI-14D: Bullish and above Baseline (Bulls control the market)
MACD: sideways but in the bullish zone
4 hour chart
After the bears failed to push the price below $0.70 on the 4-hours time frame, XRP started a bullish uptrend, crossing the MA100 and MA200 lines (marked in blue and white) and breaking its line. The dynamic was moving towards resistance (marked by red). ) a reversal of the downtrend will be confirmed in the near term when ripple can make higher levels above $0.85
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.
Disclaimer: The information found on Cryptopotato is that of the cited authors. It does not represent the opinion of Cryptopotato whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.
Cryptocurrency charts by TradingView.