The sideways trend for XRP has continued for the past three weeks. The price fluctuates between $0.3 and $0.4. Meanwhile, some technical indicators are indicating a potential bullish divergence.
A look at the MACD on the daily chart shows that during the previous decline, there was short term bearish momentum when this indicator formed a positive divergence with the price (white rectangle). A bullish divergence can be defined as a gap when the price moves down, but the indicator moves up.
Often times, buyers overtake sellers soon after the index moves into the bullish zone (above the baseline). Currently, despite the divergence (yellow rectangle), the indicator is still in bearish territory. If it breaks the baseline upwards, one can expect a relief rally to begin.
Key Support Levels: $0.30 and $0.24
Major Resistance Levels: $0.38 and $0.45
Against BTC, XRP is still struggling with a resistance zone formed by the intersection of the descending line (in yellow) and the daily MA200 (in white). This area is situated between 1700 to 1800 SAT. Ripple price has not managed to cross this resistance line against Bitcoin since August 2021. If the buyers push it up, the way to the higher level becomes much easier. Furthermore, new buyers may believe that the price has the necessary momentum to move higher, and this could lead to an upward move.
Key Support Levels: 1500 sat and 1250 sat
Major Resistance Levels: 1700 sat and 1800 sat
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Cryptocurrency charts by TradingView.