Ripple continues on a weak uptrend where the bulls seem unable to win the battle convincingly. Initially, they were able to push up the price by about 8% on Tuesday, but then the bears ramped up the selling pressure.
The Daily Chart:
Technical Analysis By Grizzly
Like many large cap-altcoins, Ripple is struggling with MA200 (marked by white) on the daily timeframes, which now lies at $0.9.
However, things are a little different for XRP because the MA200 intersects with the static resistance at $0.93 and the ascending trend line (marked by blue) that previously acted as a support. Ripple seems stuck in this area, and the bears have defended it well. Breaking out confronts the price with psychological resistance at $1, and crossing it and forming a higher high paves the way for reaching the targets at $1.3 and $1.7.
The 30D RSI indicator has also been able to break the descending line (marked by red) and is moving in the bullish area, but the lack of convincing momentum is evident.
If the bulls fail to take control of the market, the supports at $0.80 and $0.70 have the potential to reverse the probable downtrend.
Moving Averages:
MA20: $0.82; MA50: $0.78
MA100: $0.77; MA200: $0.9
The 4-Hour Chart:
On the 4-hour chart, XRP is trading well above the dynamic support (marked by green). The formation of higher highs is a sign of a healthy short-term trend. As mentioned in the analysis above, the cryptocurrency is currently unable to break the resistance at $0.90 and considering that the Williams %R indicator has broken above the baseline and entered the bullish area, it is expected that this resistance will be retested again. Breaking this level can be considered if the bulls maintain the dynamic support indicated in the image.
Short-term Support Levels: $0.85 & $0.81
Short-term Resistance Levels: $0.9 & $0.93
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.