Despite current attempts to initiate a reversal, XRP Bear continues to dominate price behavior. However, it is important to look at potential reversal levels and how things can evolve in the not too distant future.
As can be seen in the daily time frame, prices have entered a correction phase that has lasted more than 400 days, after attempting to rise more than 10 times from the beginning of January 2021 to August 2021. During this time, Ripple lost more than 80% of its value.
Despite the sharp drop in prices, sellers are still dominant and the current trend remains bearish. The formation of low highs and lows confirms this scenario.
In order for the bull to establish momentum, XRP needs to cross the following resistance barriers: first the horizontal level of $ 0.51 (red) and then the dynamic resistance (blue). Once this is done, the chances of a reversal are high, but it’s still a daunting task for the Bulls.
Until the above scenario is implemented, it is difficult to expect a new uptrend and the overall outlook remains bearish.
Main support levels: $ 0.36 & $ 0.20
Major resistance levels: $ 0.44 & $ 0.51
MA20: $ 0.40
MA50: $ 0.52
MA100: $ 0.65
MA200: $ 0.73
XRP / BTC chart
The structure is quite bearish on the BTC pair chart and XRP seems to be on a downtrend. Green candles look weak, but there are no positive signs yet.
For the uptrend to emerge, the price against BTC should be able to return to the top of the red resistance zone at 1550 Sats. Regaining this level will play an important role in continuing the uptrend. On the other hand, if the buyer continues to dominate the market, reaching horizontal support at 1200 sat (white rectangle) is not out of the question. Given that this area is the intersection of horizontal (blue) and dynamic (yellow) supports, prices can bounce.
Main support levels: 1200 sat and 1100 sat
Major resistance levels: 1500 Sat & 1700 Sat
Binance Free $ 100 (Exclusive): Register using this link and receive $ 100 Free and 10% Off Fees 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 Disclaimer for more information.
Cryptocurrency chart by TradingView.