Following our most recent Ripple price analysis, XRP managed to hold the crucial support area of 30 cents and broke higher lows. However, we would need to see higher highs in the next short term to form a bullish structure.
Technical Analysis By grizzly
On the daily time frame, buyers are trying to dominate the market.
Adding to the Fibonacci retracement levels in the following chart, the resistance area between 23.6% (in purple) and 38.2% (in yellow) can be considered as the first major challenge for XRP. This zone ranges from $0.45 to $0.6.
Given the deep crash that has occurred in recent months, it may not be easy to break out of this area as strong support has turned into resistance during the downtrend. On the other hand, if $0.3 is breached, $0.24 is the next important support level.
Key Support Levels: $0.30 and $0.24
Major Resistance Levels: $0.45 and $0.60
On the BTC trading pair chart, the 100-DMA (in blue) is currently acting as support. The bears have managed to correct 14% of the mid-June bullish trend to a downside.
The daily 50-day MA (in yellow) and horizontal support at 1500 SAT (in green) could be marking potential areas for support. If the latter level is sustained, the 1700-1800 SAT level is more likely to be retested.
Key Support Levels: 1500 SAT and 1250 SAT
Major Resistance Levels: 1700 SAT and 1800 SAT
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Cryptocurrency charts by TradingView.