Ripple prices corrected 15% because demand dwindled below solid resistance. Despite the fact that the bears increased selling pressure the first day and sent the price towards its 50-day moving average on the second, relative calm prevailed over the next three days.
The Daily Chart
In the $0.3 to $0.39 range, the battle between bulls and bears is still ongoing. The bulls have been able to form higher lows, but the bears have prevented XRP from setting up a higher high than $0.39 (in red).
The price moved towards the 0.618 Fib (in white) level due to the bearish leg. It is crucial that cryptocurrency buyers keep the price above this level. This could allow it to retest its red resistance zone. XRP rebounded from support, but has stalled at the 0.236 Fib mark. If a candle closes above the red resistance zone, the bullish structure will continue. This level has been tested twice already so its strength should decrease.
Key Support Levels: $0.33 and $0.30 Key Resistance Levels : $0.39 & 0.42
Daily Moving Averages: MA20 – $0.34 MA50 – $0.34 MA100 – $0.42 MA200 : $0.59
The XRP/BTC Chart
The bulls want to keep the price at 1500 SATs (in red) against Bitcoin. Despite the bears testing this level three times over the past month, they failed to break below it. Breaking or closing below this level could signal the beginning of a new correctional trend.
This wave could continue to the horizontal support at 1370 SATs. However, let’s suppose that bulls break from the sideways range and break through the horizontal resistance at 1700 SATs. This move could push the price to 2100 SATs.
Bitcoin’s superior performance relative to XRP has seen the price drop below the 50-day moving mean (in yellow).
Key Support Levels: 1500 and 1370 SATs Key Resistance levels: 1700 SATs and 2100 SATs
Marla Brooks – Financial Analysis
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