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
Daily chart:
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.
index:
RSI-14: Bullish above baseline (bullish dominates the market)
MACD: Sideways but bullish area
4-hour chart:
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.
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Cryptocurrency chart by TradingView.
