On the daily chart, the negative momentum has weakened a bit as the cryptocurrency approaches the $0.3 – $0.33 support area (green). However, this cannot be considered the end of the downward spiral.
XRP has reached the descending line (yellow) in 50 days, which should act as support. If the pair closes below this level, the price is likely to drop to $0.24 – something it hasn’t seen since January 2021. Until the bulls reclaim the $0.42 zone (red), it is too early to talk about the end of the downtrend.
A break and close below $0.30 can increase selling pressure. In this case, the bear market will be prolonged.
The moving averages can provide resistance for:
- MA20: $0.43
- MA50: $0.46
- MA100: $0.41
- MA200: $0.40
On the XRP/BTC pair, the chart clearly shows a bearish structure. The pair broke out of the 2200 SAT horizontal zone (yellow), forming lower highs and lows.
The 100-day moving average line (white) is currently acting as a support, preventing further declines. However, there is no evidence that the downtrend is slowing down.
If the price continues to fall, the next support will be around 1800 SAT, which coincides with the 200-day moving average line (green).
- Main support levels: 2000 SAT, 1800 SAT
- Key Resistance levels: 2200 SAT, 2500 SAT
Disclaimer: This article is for informational and spectacular purposes only, not investment advice. Investors should research carefully before making a decision.
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