Ripple has appeared weak over the past two weeks after a sharp drop in early May. However, the ongoing price action indicates that the current sideways downside swing is more likely.
technical analysis
By grizzly
daily chart
On the daily time frame, the horizontal resistance at $0.45 has prevented any upward movement, and buyers have not been able to push through – and subsequently – consolidate the price above it. The fear in the market has accelerated the weakness in the trend, and there are currently no meaningful bullish signals.
If the bears push the price down again, the descending line (in green), which acts as support, could touch around $0.3. If this happens, there could be a short-term relief bounce as well.
But let’s say buyers enter the market and are able to close the daily candle above $0.45. From a technical point of view, XRP will be more likely to move towards the horizontal resistance at $0.55 (in red).
Key Support Levels: $0.33 and $0.24 and $0.17
Major Resistance Levels: $0.45 and $0.55 and $0.65
Moving Average:
MA20: $0.44
MA50: $0.59
MA100: $0.69
MA200: $0.77
XRP/BTC chart
The XRP/BTC chart is similar to the USD one. The price trades below a horizontal level and on a descending line (in yellow). The price action over the past few days strongly indicates that the bearish trend is not weakening.
If the situation remains unchanged, the price is likely to touch the descending line again around 1100 Sat. To break out of this trend, the cryptocurrency needs to reach the top of the horizontal resistance at 1550 SAT (in red) and close above it to reduce downside momentum.
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Cryptocurrency charts by TradingView.