The cryptocurrency market has finally seen some relief. Although XRP has experienced a steady decline for three months, it seems that buyers are slowly entering the market. However, it is too early to draw long-term conclusions, given the broader market conditions.
On the daily time frame, XRP is entering its second week of trading with horizontal support at $0.3. The combination of the intersection of two descending lines (in white) in this level is the $0.29 that has been with the price for over a year. The 30D RSI indicator also moved closer to the oversold zone, the lowest level since April 2018.
Due to the continuous downward trend in the prices, some temporary relief rallies are expected. Technically, unless the cryptocurrency makes higher highs and lows, a bullish trend remains less likely. To counter this, XRP should be able to return above $0.5 again, with buyers consolidating above this level. The descending line (in red) in the RSI can also be considered as considerable resistance. The indicator is now in bearish territory. If it can reach the baseline or above zero, the bulls might be able to continue further.
Key Support Levels: $0.30 and $0.24 and $0.17
Major Resistance Levels: $0.44 and $0.58
On the BTC pair chart, the bullish momentum stopped when the price reached the horizontal resistance at 1550 Sat (in yellow). This level also intersects with the daily MA100 (in blue), increasing its disruptive power. The bulls need to cross this hurdle to maintain their dominance. Pushing the price above it and then breaking the resistance at 1700 SAT could add momentum.
Key Support Levels: 1250 sat and 1100 sat
Major Resistance Levels: 1550 Sat and 1700 Saturn