Last week, after the news of Ripple’s complaint to the SEC, the price surged 10%, and the bulls tried to beat the weekly candle. Despite this, it ended in the red.
technical analysis
technical analysis by grizzly
daily chart
On the daily time frame, the bears defended the resistance at $0.8 and did not allow Ripple to break out of the Ichimoku cloud, causing the price to drop again.
Currently, the clouds, which are thickening, as well as dynamic resistance (marked red), are the main challenges for XRP.
This resistance range lies between $0.8 and $0.85 and should be easy to break. If the bulls can break out of this range, the resistance at $0.93 (marked in red) could be tested again. The latter is the level that Ripple failed to break in its last two attempts in 2022. On the other hand, the first major support to see is the support at $0.65 (marked green).
Moving Average:
MA20: $0.77
MA50: $0.78
MA100: $0.75
MA200: $0.88
4 hour chart
Ripple is trading above dynamic support (marked in green) on the 4-hours time frame. Last week’s spike caused XRP to test the MA200 (marked white), but failed to break it.
Then, the bears pushed the price down 9% to the 0.618 Fibonacci retracement level.
If Ripple can break the $0.75 resistance, the MA200 is expected to be tested again; Otherwise, the $0.7 support is the first short term support on the price path.
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