Ripple has corrected around 80% since touching 2021 ATH at $1.97. The downtrend, which has lasted over 400 days, has left many XRP holders frustrated and exhausted.
technical analysis
Technical Analysis By grizzly
daily chart
As seen below, the orange ascending line broke out after successfully providing support for the price since the COVID crash of March 2020.
For a possible reversal, the bulls will need to reclaim this trendline first and then break the important stable level of $0.50 (marked in blue).
The bulls’ mission doesn’t end here: above it is dynamic resistance (marked red), which intersects with the daily MA200 (in white) – a challenging scenario for the bulls at this point. There is no doubt that the bears now have complete control over the market.
Key Support Levels: $0.33 and $0.17
Major Resistance Levels: $0.50 and $0.68
Moving Average:
MA20: $0.48
MA50: $0.62
MA100: $0.70
MA200: $0.78
XRP/BTC chart
Ripple price is trading in a symmetrical triangle (yellow) against the BTC pair on the weekly chart. The pattern is technically bearish as the price enters the triangle from the upper side.
Dense Ichimoku clouds cover the upper part of the triangle, which contributes to its bearish strength. As long as the price does not break through the bottom of the Ichimoku Cloud, it will be possible to reach the 700 SAT target. This is likely to lead to a significant decline in the USD pair chart.
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Cryptocurrency charts by TradingView.