After pushing the price up by 34% from its lowest point in June, the bulls pulled it back after they reached the first resistance zone. Ripple spent the past four days in red, losing approximately 13% of its value at this writing.
The Daily Chart
The supply zone was formed by the intersection of the Fibonacci level (in purple), and the horizontal resistance (in red). The above structure suggests that if the bears fail in pushing the price below $0.3, which would form a lower bottom, then the recent move will likely be a short-term correction.
If this correction is extended below $0.3, the end of the short term uptrend will be confirmed. The RSI 14d indicator entered the bullish zone with a sharp move and now is gaining momentum within the bearish area.
However, buyers who can make a higher high than $0.38 can expect that the current downtrend which began in April will be stopped for the near-term.
Key Support Levels $0.30 & 0.24 Key Resistance Levels $0.38 & $45
Moving Averages: MA20 – $0.33 MA50 – $0.38 MA100 – $0.55 MA200 : $0.80
The XRP/BTC chart
XRP, which was against Bitcoin, did not continue its upward movement after crossing the descending line (in red). This reverse can be considered a fake breakout above 1700 Sats (in yellow). The selling pressure in the 1700-1800 Sats area is high due to the extended upper shadow of June 24. This move can be considered a healthy correction if buyers are able to hold the price above 1500 Sats support.
Key Support Levels: 1500 Sats and 1250 Sats Key Resistance Levels, 1700 Sats and 1800 Sats
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.