More than a 15% price increase in just four days has created optimism among XRP holders. Once again, the bulls were able to defend the support at $0.3 and aimed to reverse the trend by breaking above the critical resistance. But despite the optimism, the mission will not be that easy.
Technical Analysis By Grizzly
The Daily Chart
On a daily timeframe, buyers pushed the price towards the short-term horizontal resistance at $0.4, trying to break the significant level in their third attempt.
This time, the 14-day RSI indicator entered the bullish territory and broke above the baseline. This indicates that the bulls have gained relatively more power than before.
XRP is currently struggling with resistance at the 50-day moving average (marked in yellow). A breakout, if occurs, will be the first time since March 9, 2022. However, consolidating above the critical resistance at $0.48 – $0.52 is the first step before a possible reversal occurs.
Key Support Levels: $0.28 & $0.24
Key Resistance Levels: $0.40 & $0.48
The XRP/BTC Chart
The XRP/BTC is trading below the yellow descending line that has prevented a price recovery on five different attempts. To initiate a rally, buyers must first defend the support at 1500 SATs (in green) and then gain enough momentum to push above the 1700 – 1800 SATs resistance zone (in red).
Key Support Levels: 1500 SATs& 1250 SATs
Key Resistance Levels: 1800 SATs & 2000 SATs
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Cryptocurrency charts by TradingView.