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Will XRP manage to break $0.40 or is another drop coming? (Fluctance Price Analysis)

Seven weeks later, XRP managed to push back above $0.4, but the bears were quick to push the price back below that. For the bullish formation to remain valid, the bulls must not allow the price to go below $0.33.

Technical analysis

by Grizzly

Daily Chart

A bullish formation resulting from the formation of higher highs and higher lows is visible in the chart below. Late last week, the bulls succeeded in their third attempt to break the resistance zone in the $0.37-$0.39 range (in yellow). It extended the price to the 100-day moving average (in white), though neither reached nor exceeded it.

The bears defended this level, resulting in a spurious breakout on the chart. The pair is currently trading below the resistance zone and the MA100 is approaching this level.

The bullish formation will be even stronger if the bulls push XRP above $0.41. A break and close above this resistance would signal the start of a rally with a target of $0.5. Conversely, if buyers fail to block the recent decline below $0.33, the bullish formation is invalidated.

Key Support Levels: $0.33 & $0.30
Important Resistance Levels: $0.39 & $0.41

Daily moving averages
MA20: $0.36
MA50: $0.34
MA100: $0.40
MA200: $0.57

Source: TradingView


Against BTC, the cryptocurrency fluctuates between the 100-day moving average to the downside (in yellow) and the 200-day moving average (in white). This has resulted in price falling between two support and resistance zones from 1500 SATs (in green) to 1700 SATs (in red). No significant movement is expected until the price breaks out of this tight range.

Key Support Levels: 1500 SATs & 1370 SATs
Important Resistance Levels: 1700 SATs & 2100 SATs

Source: TradingView
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Disclaimer: The information found on CryptoPotato is that of the referenced writer. It does not represent the opinions of CryptoPotato to buy, sell or hold any investments. It is advisable to conduct your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for more information.

Cryptocurrency Charts by TradingView.

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