The market is still in shock due to the huge fall in recent days. Investors are skeptical, and it remains to be seen when the bulls will return.
technical analysis
By grizzly
daily chart
The bears were able to push the price down to the crucial horizontal support at $0.33. This level has played an important role for XRP since 2019.
Breaking this level was followed by a sharp upward trend in 2021. If the bulls can defend it, one can expect XRP to head towards the resistance at $0.5, which is the first challenge for the bulls. However, given the macroeconomic conditions in the market, one must be very careful and cautious.
Key Support Levels: $0.23 and $0.17
Major Resistance Levels: $0.51 and $0.77
Moving Average:
MA20: $0.56
MA50: $0.69
MA100: $0.73
MA200: $0.81
XRP/BTC chart
Against BTC, the price has lost key support at 1550 SATS, which has now turned resistance. Given the heavy sell-off, it will not be easy for the price to return to higher levels. First, selling pressure must be eased. Then the market usually enters an accumulation or transition phase until the next major phase. There is still selling pressure in the market, though not as much in the last few days.
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Cryptocurrency charts by TradingView.