XRP Is About To Close A Second Weekly Green Candle, What Next? (Ripple price analysis)

Ripple is about to close its second green weekly candle. However, there is a horizontal hitch on the way to higher levels, which will be discussed in more detail below.

Technical Analysis

past grizzly

daily chart:

XRP has managed to reclaim the 200 day moving average (marked in white) on the daily chart after struggling since mid-November. Technically, this pattern indicates a positive psychological momentum in the market.
Although the uptrend can be seen on the chart, the horizontal resistance in the $0.42 to $0.43 area (marked in red) should be seen as a strong hurdle. After the May crash, XRP has been below this level for several months.

I assume that access will overcome this hurdle. In this case, an upside target of $0.55 is likely. This level prevented further price growth in September and October.

On the other hand, a short pullback to $0.37 is also good. As long as XRP is trading above this level, it can always test the identified upper resistance again.

Moving averages:
MA20: $0.38
MA50: $0.44
MA100: $0.41
MA200: $0.39

Source: TradingView

XRP/BTC Chart:

The chart shows an early signal of the end of the negative trend. In the recent correction, no candle closed below 2000 SATs, confirming the need to monitor this level as a critical support. The pair recovered from the 61.8% Fibonacci level (yellow) and is currently reaching the 23.6% level at 2500 SAT (blue). If the price can break this resistance, it will be ready to test 2800 SAT.

In this chart, the primary support is 2200 SAT (green). The bullish outlook remains strong in the near term as long as the pair holds.

Important support levels: 2200 Sat, 2000 Sat
Key resistance levels: 2500 sbt, 2800 sbt

Source: TradingView

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