XRP Eyes a Drop to $0.3 if Bulls Fail to Step In Soon (Ripple Price Analysis)

Ripple appears to be struggling to hold $0.33 support for 10 consecutive days. The cryptocurrency trades within a narrow range and shows little volatility. The sentiment is largely negative.

Technical Analysis

By Grizzly

The Daily Chart

The daily chart shows that the bulls attempted to push the price higher than the resistance zone of $0.33 (in orange) multiple times. It appears that there isn’t enough demand for a significant increase.

Bearish sentiment has prevailed in the current structure, which was formed following a near $0.4 high. The cryptocurrency will likely revisit the $0.3 horizontal support (in green) if this trend continues. Another obstacle to price growth is the ascending line in yellow.

This line also overlaps with the red resistance area, which lends more credence to bearish arguments. An increase in candle volume is unlikely until the area is closed above.

Key Support Levels $0.32 & 0.30 Key Resistance Levels $0.33 & $36

Daily Moving Averages: MA20 – $0.34 MA50 – $0.35 MA100 – $0.35 MA200 : $0.51

Source: TradingView

The XRP/BTC Chart

On their fifth attempt, the bulls failed to break the 200-day moving mean line (in white). This resistance ranges from 1700 SATs up to 1800 SATs.

The 50-day moving mean (in yellow), acts as support in the short term. If the pair closes below it, they could reach 1,500 SATs (in yellow).

The bulls hold the advantage in this chart but the rally will not start until the price reaches 1800 SATs.

Key Support Levels: 1500 and 1370 SATs Key Resistance levels: 1800 SATs and 2100 SATs

Source: TradingView

CryptoPotato’s first post, XRP Seems to Drop to $0.3 if Bulls Do Not Step in Soon (Ripple price Analysis), appeared first on CryptoPotato.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami