XRP has moved between the $0.30 and $0.38 price levels over the past month. During the past few days, it was not able to break the upper resistance.
technical analysis
By grizzly
daily chart
The fourth largest cryptocurrency has underperformed Bitcoin and Ethereum in recent days. While BTC, ETH and BNB have broken out of their monthly consolidation phase, XRP remains well below its solid resistance on the daily time frame.
The resistance area in the range of $0.38 to $0.45 (in blue) is an important hurdle for the cryptocurrency. On the other hand, the Relative Strength Index (RSI) indicator is now moving away from the neutral zone and moving towards the descending line (in red). XRP has experienced a deep downtrend (red rectangle) in the last four times since it hit this line.
To start a rally and compensate for its recent long-term decline, XRP must move above the blue resistance area. If the buyers maintain the price above $0.48 then the bullish momentum is likely to increase. This scenario is likely to be stronger if the RSI breaks the descending line upwards.
Any price below $0.3 would cause XRP to experience a prolonged bear market.
Key Support Levels: $0.30 and $0.24
Major Resistance Levels: $0.38 and $0.45
Moving Average:
MA20: $0.34
MA50: $0.34
MA100: $0.44
MA200: $0.59
XRP/BTC chart
Against Bitcoin, the bulls failed in their fresh attempt to break the 200-day simple moving average line (in yellow). This pushed the price towards the horizontal support at 1500 SAT (in green). If the bears break below this level, the recent bullish trend will reverse by forming lower lows. This could result in the cryptocurrency revisiting its support at 1370 SAT (in white). As long as buyers defend the green horizontal support, the resistance area is likely to be retested as a result of the overlapping of the SMA200 and the descending line (in blue).
Key Support Levels: 1500 and 1370 SAT
Major Resistance Levels: 1800 and 2000 sets
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