Ripple seems to have lagged behind the crypto market in the past 20 days and is still trading below resistance. While Bitcoin and Ethereum managed to recover 50% or more from the losses incurred during the downtrend from the all-time high, Ripple regained only 40%, and the recent market structure doesn’t look too promising.
Technical Analysis By Grizzly
The Daily Chart:
Ripple could not break the horizontal resistance on the daily timeframe, the intersection of the daily MA200 (marked by white), and the ascending line (drawn by blue), which has previously acted as a support. The RSI 30D indicator, which moves in the bullish area, failed on several attempts to break the descending line (marked by red).
Currently, the price fluctuates between the MA200 as resistance and the MA50 as support (marked by yellow). Breaking any of these levels can determine the next direction of movement.
Daily Resistance Levels: $0.93 & $1
Daily Support Levels: $0.78 & $0.68
The 4-Hour Chart:
On the 4-hour timeframe, Ripple is trading on dynamic support (marked by green), which has been with the price since January. As long as XRP is moving on this line, serious bearish momentum seems unlikely to produce. The horizontal resistance at $0.85 (marked by yellow) has been tested twice in recent days, and Ripple has not been able to break it. Williams indicator has also entered the bearish zone, which is a sign of the weakness of the trend.
If Ripple can overcome the resistance at $0.85, then one can expect the critical resistance at $0.93, which is mentioned before, to be retested again. Otherwise, the supports at $0.80 and $0.78 can prevent further price declines.
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Cryptocurrency charts by TradingView.
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