Ripple has been declining for the past 11 months. This happens shortly after topping for almost $ 2. So far, despite this week’s green candles, daily candles show no strength.
Daily chart
Technical analysis Grizzly
Ripple has been offering resistance in recent months and is currently trading under the EMA200 line (marked in white) in a daily time frame of $ 0.85.
From now on, the primary key level is $ 1 static resistance (marked in blue), crossing dynamic resistance (marked in red) and also a psychological barrier. Ripple faces a daunting challenge and it’s not easy to exceed $ 1.
Of note is the status of the CMF indicator. After touching the yellow area and crossing the baseline, the uptrend began. And now the indicators are in a similar situation and we have to wait for the prices to show the same positive reaction. In this case, $ 1 should be retested immediately.
4-hour chart
As mentioned in the daily timeframe analysis, in the 4-hour timeframe, the short-term resistance is $ 0.85, which seems to provide a lot of supply from the seller.
The BMAX indicator is also moving away from the overbought zone and is expected to gain momentum to test this short-term resistance later. It should be noted that the next short-term uptrend is possible unless a low low is formed. Otherwise, the price of XRP may drop to the bottom of the triangle. It’s around $ 0.70 support.
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Cryptocurrency chart by TradingView.
