Following the overall bearish sentiment in the crypto markets, XRP continues to slide downwards. The price rejected the crucial $0.92 resistance line and is now heading lower where support lies.
technical analysis
Technical Analysis By grizzly
daily chart
Despite the sudden spike on the daily time frame, it seems that sellers now have the upper hand. If we look at the last recent uptrend, we see that the previous uptrend has been caused by increased buyer pressure, which has pushed the price up.
These areas are marked with numbers 1, 2, and 3 and white lines on the following chart. Comparing it with today’s position, we cannot identify the same structure that led to the price hike earlier.
Key Support Levels: $0.6 and $0.5
Major Resistance Levels: $0.92 and $1.00
Moving Average:
MA20: $0.75
MA50: $0.78
MA100: $0.75
MA200: $0.87
4 hour chart
On the 4-hour time frame, after correcting 50% of what it lost in April, it failed to break above the $0.8 resistance area (which intersected with the MA100 line as resistance). Since then, it has continued its downtrend and is expected to retest the $0.68 support level.
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Cryptocurrency charts by TradingView.