XRP price has not shown any significant strength so far as it continues to struggle to surpass the critical resistance level in recent weeks. Things don’t look much better against Bitcoin, with a key support level broken to the downside.
Technical Analysis
past: Idris
XRP/USD daily chart
On the daily chart, the price has been consolidating in a narrow range below the $0.43 resistance for some time. The 200-day moving average, which is around $0.4, provided support and prevented the price from declining further.
If the $0.43 level is finally broken to the upside, a rally towards the $0.55 area can be expected in the short term.
On the other hand, if a bearish rejection occurs, the 50-day moving average that is heading around the $0.37 mark would be the first potential support level ahead of the key $0.3 area, which previously stopped the terrible downtrend on several occasions.
XRP/BTC daily chart
Against BTC, the cryptocurrency has been in a bearish trend in recent weeks, as level 0.000018 appears to have been breached to the downside. Confirmation of this breakout is likely to lead to a further decline towards the support level of 0.000015 in the coming weeks.
However, due to the fact that the RSI is approaching the oversold zone, the recent breakdown at level 0.000018 may turn out to be false. If the price rises again above that, a move towards the 50-day and 200-day moving averages around the levels of 0.000019 and 0.000020 is expected.
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