16.5 C
New York

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

Date:

The announcement that the Ripple vs SEC case would soon be settled led to a significant XRP price boost over the last few days. The below chart shows the highest volume traded in XRP since June 30 as a result of buying pressure.

Technical Analysis

By Grizzly

The Daily Chart

After bottoming out in June at roughly $0.28, the price of XRP surged by more than 30%. This mini-rally resulted in another attempt to break the key horizontal resistance at $0.4 (in red). However, so far, the critical level had rejected those attempts.

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

The asset may break out from the 100-day consolidation period as a result of such a move, though, as of yet, the bears haven’t allowed this to occur. This bullish structure is valid as long as the price sustains support at $0.35.

Key Support Levels: $0.35 & $0.32

Key Resistance Levels: $0.40 & $0.50

Daily Moving Averages:

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

Despite Massive Bullish Momentum, XRP Fails to Break Above Key Resistance: Ripple Price Analysis Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

The XRP/BTC Chart

Against Bitcoin, the bulls clearly dominate the market. They have pushed the price above the barrier in the $1,700–1,800 area (in red). If the bullish sentiment continues, the next obstacle will be found at 2000 SATs (in white).

However, a retest of the 1800 SAT zone (to confirm as support) is also likely. If the buyers manage to hold the pair above the red zone, the next bullish target- 2000 SAT – becomes likely.

Key Support Levels: 1800 SATs & 1550 SATs

Key Resistance Levels: 2000 SATs & 2150 SATs

Despite Massive Bullish Momentum, XRP Fails to Break Above Key Resistance: Ripple Price Analysis Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


.custom-author-info{
border-top:none;
margin:0px;
margin-bottom:25px;
background: #f1f1f1;
}
.custom-author-info .author-title{
margin-top:0px;
color:#3b3b3b;
background:#fed319;
padding:5px 15px;
font-size: 20px;
}
.author-info .author-avatar {
margin: 0px 25px 0px 15px;
}
.custom-author-info .author-avatar img{
border-radius: 50%;
border: 2px solid #d0c9c9;
padding: 3px;
}

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://cryptopotato.com/despite-massive-bullish-momentum-xrp-fails-to-break-above-key-resistance-ripple-price-analysis/

Related articles

spot_img

Recent articles

spot_img