Despite Massive Bullish Momentum, XRP Failed to Break Key Resistance: Ripple Price Analysis

The announcement that the Ripple vs SEC case will soon be decided has led to a significant increase in the price of XRP in the past few days. The chart below shows the highest XRP volume since June 30 as a result of buying pressure.

Technical Analysis

past grizzly

daily chart

After bottoming out around $0.28 in June, the price of XRP is up more than 30%. This small rally resulted in another attempt to break the key horizontal resistance at $0.4 (marked in red). But the critical level has so far rejected these attempts.

In the previous attempt that occurred in mid-August, the bears pushed the price to the near-term support (in green) around $0.32. After testing this level several times, making it a local bottom, Ripple bounced back to retest the $0.4 level. A daily close above the level will be the first sign of the next possible upward wave.

The asset could exit the 100-day consolidation period as a result of such a move, but so far the bears have not allowed that to happen. This ascending structure is valid as long as the price maintains the support at $0.35.

Important support levels: $0.35 and $0.32

Key resistance levels: $0.40 and $0.50

Daily Moving Averages:

MA20: $0.34
MA50: $0.35
MA100: $0.34
MA200: $0.49

XRP / BTC Chart

Against Bitcoin, bulls are clearly in control of the market. They pushed the price above the $1700-1800 barrier (in red). If bullish sentiment continues, the next hurdle will be at the 2000 SAT (marked in white).

But it is also possible to retest the 1800 SAT area (to confirm as support). If the buyers manage to keep the pair above the red zone, the next upside target – 2000 SAT – becomes likely.

Important support levels: 1800 Saturday and 1550 Saturday

Key resistance levels: 2000 SAT and 2150 SAT

Post Despite Massive Bullish Momentum, XRP Failed to Break Key Resistance: Ripple Price Analysis appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *