XRP’s Next Target If the Downtrend Continues

    Amid the bear market, XRP price has plunged below the key support level at $0,33 after a month of a sideways trend. This level has maintained the Ripple price since mid-2019.

    On the daily timeframe, Ripple lost 28% of value in the last 7 days. At the time of this writing, the daily candles show the downtrend may have slightly waned. But that’s not necessarily because a bullish reversal is nearby.

    In the bearish scenario, Ripple can slide to the intersection between the dynamic support (marked yellow) and the horizontal support (marked green) at $0.24. This level has remained untested since late 2020 and early 2021, and it should be considered a strong PRZ (potential reversal zone).

    On the other hand, a bullish reversal scenario will be confirmed in case the price breaks out and consolidates above the $0.50 resistance level. But this goal is quite hard to reach, especially in the current market situation.

    Also, the 30-day RSI has hit its lowest level since the COVID crash in March 2020. The descending line (red), the dynamic resistance of Ripple, must break to confirm a short-term reversal.

    Key Support Levels: $0.24 & $0.17

    Key Resistance Levels: $0.33 & $0.46

    Moving Averages:

    MA20: $0.38

    MA50: $0.45

    MA100: $0.62

    MA200: $0.70

     XRP/USDT daily chart by TradingView

    In pair with BTC, XRP has gained 14% compared to Bitcoin in the last 3 days. However, this should be taken with a grain of salt unless XRP can reclaim the static resistance at 1500 Sats (marked yellow).

    XRP/BTC daily chart by TradingVIew

    Key Support Levels: 1250 Sats & 1100 Sats

    Key Resistance Levels: 1550 Sats & 1700 Sats

    Disclaimer: This article is for reference purposes only, not investment advice. Investors should have deep research before making a decision. 

    (Reference: CryptoPotato)

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