Ripple’s price faces some technical challenges along the way. It didn’t live up to expectations, and recent positive news didn’t help much to push prices up. The amount is still small, and it seems that investor trust has not yet been gained.
Technical analysis Grizzly
The daily chart that accompanies prices since Covid Crash has two main trend lines. The yellow trend line acts as a resistance and the blue trend line acts as a dynamic support. However, the main challenge now is the $ 1 resistance, which is the confluence of various supply zones and indicators.
Breaking this resistance seems difficult, and Ripple needs a stronger catalyst than the news to overcome this challenge. If prices can cross this area strongly, the road ahead will be smoother and we can even expect higher highs to form against the top of 2021.
RSI-14: Bullish above baseline (bullish dominates the market)
MACD: Sideways but bullish area
In the 4-hour time frame, XRP was trading on RSI support (marked in green) and the bullish force was clear, but could not break the static resistance (marked in yellow).
Beyond this area and dynamic resistance (marked in red), the cryptocurrency becomes a resistance of $ 1. This was investigated in the daily time frame as a major challenge on the price path. Conversely, if the current bear / bull balance is upset and prices are heading south, short-term immediate support levels are $ 0.65 and $ 0.7.
Binance Free $ 100 (Exclusive): Register using this link and receive a $ 100 free and 10% commission in the first month of Binance Futures (Clause).
PrimeXBT Special Offer: Use this link to register and enter your POTATO50 code and receive a deposit of up to $ 7,000.
Disclaimer: The information found in CryptoPotato is that of the author cited. It does not represent Crypto Potato’s opinion on whether to buy, sell or hold an investment. We recommend that you do your own research before making an investment decision. Please use the information provided at your own risk. See the disclaimer for more information.
Cryptocurrency chart by TradingView.