After some ruthless price action in November, Ripple is now trying to recoup its losses alongside the rest of the cryptocurrency market. While the optimism about the SEC action was expected to translate into positive market moves, this has yet to materialize. Technical Analysis by Grizzly The Daily Chart Daily […]
After some ruthless price action in November, Ripple is now trying to recoup its losses alongside the rest of the cryptocurrency market. While the optimism about the SEC action was expected to translate into positive market moves, this has yet to materialize.
The daily chart
On the daily chart, XRP initiated a bullish trend after touching major horizontal support (in white) at $0.31, up 22% from the local low. The 14-day RSI is also attempting to reverse the center line, which represents the boundary between bullish and bearish areas.
XRP now needs to break above $0.42 in order to retest the falling line resistance (in red), which has been following the price since April 2021. However, the initial effort in late November failed.
Assuming XRP closes above $0.42, it has two options: break it and extend towards the resistance zone in the $0.5-$0.55 area (in yellow). The second option would be for the buying volume to dry up and the pair to drop back down to $0.31.
As long as the cryptocurrency is trading between $0.3 and $0.55, the accumulation period will continue with no discernible change.
The XRP/BTC chart:
At the end of November, the cryptocurrency experienced an uptrend that lasted until the resistance of the ascending line (in yellow). Their failure to surpass it resulted in the formation of a double top.
In this chart, the most crucial support is the 2000 SAT (in white). The positive trend remains as long as the asset is trading above this level. The short-term resistance at 2500 SAT, on the other hand, is seen as the main barrier.
If XRP gains momentum above this level, the next target will be found at 2900 SAT.
Main support levels: 2000 SATs, 1800 SATs
Key resistance levels: 2500SAT, 2900SAT
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