Following Bitcoin, the crypto market has so far been on Green Day. Investors holding altcoin are optimistic and want a reversal of the trend.
Daily chart
Technical analysis by Grizzly
Ripple has experienced fluctuations within the Fibonacci channel in daily timeframes for the past two years since the Covid crash in March 2020.
The price couldn’t reach ATH at $ 3.3 and started a “boring” fix last May. News about the Ripple vs. SEC case and the corresponding SEC statement disappointed its holders altogether.
However, recent positive news announcements have returned expectations to the project and led to positive price volatility in XRP.
Prices are currently trading near the bottom of the Fibonacci channel and have hit highs in the past month. As shown below, XRP seems to be able to reach the specified Fibonacci target if the market withstands the current instability caused by the macro.
The first major resistance is $ 1 and then $ 1.14. If the market is unable to regain these levels, the notable support at $ 0.51 and $ 0.42 is the level at which bulls are expected to defend their position.
indicator
RSI-14D: Bullish and above baseline (bullish dominates the market)
MACD: Sideways but bullish area
4-hour chart
After the bear was unable to push the price below $ 0.70 in the four-hour time frame, XRP began a rapid upward trend, crossing the MA100 and MA200 lines (marked in blue and white) and dynamic. Moved towards resistance (marked in red).A downtrend reversal is seen in the short term when Ripple can form a high above $ 0.85.
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Cryptocurrency chart by TradingView.
