Ripple Trading Below the Daily 200MA, What’s Next?

Ripple seems to have lagged behind the crypto market in the past 20 days and is still trading below resistance. While Bitcoin and Ethereum managed to recover 50% or more from the losses incurred during the downtrend from the all-time high, Ripple regained only 40%, and the recent market structure doesn’t look too promising.

Technical Analysis

Technical Analysis By Grizzly

The Daily Chart:

Ripple could not break the horizontal resistance on the daily timeframe, the intersection of the daily MA200 (marked by white), and the ascending line (drawn by blue), which has previously acted as a support. The RSI 30D indicator, which moves in the bullish area, failed on several attempts to break the descending line (marked by red).

Currently, the price fluctuates between the MA200 as resistance and the MA50 as support (marked by yellow). Breaking any of these levels can determine the next direction of movement.

Daily Resistance Levels: $0.93 & $1

Daily Support Levels: $0.78 & $0.68

Moving Averages:

MA20: $0.83

MA50: $0.78

MA100: $0.76

MA200: $0.89

Source: TradingView

The 4-Hour Chart:

On the 4-hour timeframe, Ripple is trading on dynamic support (marked by green), which has been with the price since January. As long as XRP is moving on this line, serious bearish momentum seems unlikely to produce. The horizontal resistance at $0.85 (marked by yellow) has been tested twice in recent days, and Ripple has not been able to break it. Williams indicator has also entered the bearish zone, which is a sign of the weakness of the trend.

Related:  Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners

If Ripple can overcome the resistance at $0.85, then one can expect the critical resistance at $0.93, which is mentioned before, to be retested again. Otherwise, the supports at $0.80 and $0.78 can prevent further price declines.

Source: TradingView

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: