When the bulls pushed the price up 34% from the June lows, they retreated after reaching the first resistance area. Ripple has spent the past four days in the red and has lost around 13% of its value as of this writing.
technical analysis
By grizzly
daily chart
On the daily time frame, there is a supply zone forming with horizontal resistance at $0.38 (in red) at the intersection of the Fibonacci level of 0.236 (in purple). Looking at the outlined structure, if the bears fail to push the price below $0.3 and form a higher bottom, the recent move is more likely to lead to a short-term correction.
But if this correction breaks below $0.3, the end of the short-term uptrend will be confirmed. Furthermore, the RSI 14d indicator is entering a bullish zone with strong momentum, has reversed direction after reaching the baseline (in white) and is gaining momentum in the bearish zone.
On the other hand, if buyers can make a higher higher above $0.38, one can expect the recent downtrend, which started in early April, to halt in the medium term.
Key Support Levels: $0.30 and $0.24
Major Resistance Levels: $0.38 and $0.45
Moving Average:
MA20: $0.33
MA50: $0.38
MA100: $0.55
MA200: $0.80
XRP/BTC chart
Against Bitcoin, XRP did not continue to rise after reaching the descending line (in yellow). This reversal can be considered a fake breakout above the 1700 sat (in red) stable level. Selling pressure is high in the 1700-1800 sat range due to the long upper shadow on 24th June. If the buyers manage to hold the price above the support at 1500 SAT, the move can be considered a healthy correction.
Key Support Levels: 1500 sat and 1250 sat
Major Resistance Levels: 1700 sat and 1800 sat
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.
Disclaimer: The information found on Cryptopotato is that of the cited authors. It does not represent the opinion of Cryptopotato whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.
Cryptocurrency charts by TradingView.