For almost two weeks, Ripple has been below the static level of $ 0.45. The Bulls have tried to exceed the price several times, but have failed so far.
After the Bulls were able to defend their horizontal support at $ 0.33 (green) in the daily time frame, XRP recovered below the static level (blue) by 37%.
MA 20D (white) drops to this important level and acts as a price barrier. Cryptocurrencies can’t even touch the dynamic level, suggesting that this is an important challenge for bulls. It is important to remember that it is premature to think about a trend reversal, as the MA 20D is only the first major obstacle to overcome, even if prices reach this level again. To see the trend reversal, XRP needs to return to the top of horizontal resistance at $ 0.65 and form a higher high.
Suppose the bear continues to dominate the market. In that case, prices may be retested to lower levels before potential convincing bounces occur.
Main support levels: $ 0.33 & $ 0.24 & $ 0.17
Major resistance levels: $ 0.45 & $ 0.50 & $ 0.65
MA20: $ 0.45
MA50: $ 0.60
MA100: $ 0.69
MA200: $ 0.78
XRP / BTC chart
Against BTC, Ripple saw prices fluctuate below the static level (red). Dynamic support (green) has been protected by the Bulls so far.
Buyers should be able to push prices above the red resistance zone to reduce the momentum of the decline. It may then be considered for a more confident reassessment of the chart to see if there is a possibility of a trend reversal. However, there are still no signs that the bull has gained control.
Given the bearish bias of the market as a whole, bulls are unlikely to be able to defend against dynamic support, and bears will push prices to static support at 1100 Sats.
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Cryptocurrency chart by TradingView.