Seven weeks later, XRP managed to climb above $0.4, but the bears quickly pushed the price back below. For the bullish structure to remain valid, the bull must not allow the price to break below his $0.33.
technical analysis
To grizzly bear
daily chart
The bullish structure resulting from the formation of higher highs and higher lows can be seen in the following chart. Succeeded. This pushed the price towards his 100-day moving average (white), but neither reached nor exceeded it.
The bears defended this level and the chart showed a false breakout.The pair is currently trading below the resistance zone and the MA100 is approaching this level.
The bullish structure will strengthen further if the bulls can propel XRP above $0.41. A breakout of this resistance and a close will signal the start of an uptrend with a target of $0.50. In contrast, if buyers fail to block the recent drop above $0.33, the bullish structure will be invalidated.
Primary support levels: $0.33 & $0.30
Main resistance levels: $0.39 & $0.41
daily moving average
MA20: $0.36
MA50: $0.34
MA100: $0.40
MA200: $0.57
XRP/BTC chart
Against BTC, the cryptocurrency fluctuates between the 100-day moving average from the bottom (yellow) and the 200-day moving average from the top (white). This allows the price to move between two support and resistance zones ranging from 1500 SAT (green) to 1700 SAT (red). Until the price breaks out of this tight range bound, we can’t expect any big moves.
Primary support levels: 1500 SAT & 1370 SAT
Main resistance levels: 1700 SAT & 2100 SAT
Binance Free $100 (Exclusive): Get $100 free and 10% off fees in the first month of Binance Futures when you register using this link (Clause).
PrimeXBT Special Offer: Register using this link and enter the POTATO50 code to receive up to $7,000 on your deposit.
Disclaimer: The information posted on CryptoPotato is that of the author cited. It does not represent the opinion of CryptoPotato on whether to buy, sell or retain any investment. We encourage you to do your own research before making any investment decision. Use the information provided at your own risk. See our disclaimer for more information.
Cryptocurrency charts by TradingView.
