Like the entire crypto market, which has been in a chopping phase, after the bloody month of May, Ripple is also experiencing a sideways trend. The buyer’s side seems weak, and any attempt to push up the price is counterproductive to the sellers’ supply.
Technical Analysis By grizzly
Daily chart:
On the daily time frame, Ripple is staying below the horizontal resistance at $0.47. This reflects the relatively high strength of sellers in the market.
Considering the current continuing downside momentum, XRP may retest $0.30 – 0.33 – as well as the descending line (in green) until a reversal and retest of $0.47 and $0.56 (in red) can be made. : There is a possibility to see trial support.
If the bulls cannot defend the support area at $0.3, the price could drop to around $0.2 due to market panic.
Key Support Levels: $0.33 and $0.24 and $0.17
Major Resistance Levels: $0.47 and $0.56 and $0.65
Moving Average:
MA20: $0.42
MA50: $0.57
MA100: $0.68
MA200: $0.76
XRP/BTC chart
The chart of the BTC pair is also showing a downward trend. The price is staying below the same horizontal resistance as the USD pair.
Ripple’s key challenges are moving back above the horizontal resistance levels at 1500 and 1700 SAT. With a high degree of confidence, if the price reclaims these levels, the trend will reverse its direction – and by doing so, XRP will make a higher high. Otherwise, the bears will continue to dominate the market.
Key Support Levels: 1270 sat and 1100 sat
Major Resistance Levels: 1500 sat and 1700 sat
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Cryptocurrency charts by TradingView.