Ripple has gained 20.6% in the past week. After more than 100 days, the bulls were able to close a candle above $0.40 on favorable news linked to the lawsuit against the US Securities and Exchange Commission.
Technical analysis
by Grizzly
Daily chart
The horizontal level at $0.4 (in yellow) – which has prevented prices from continuing to move higher – has now become support on the daily chart. With a 14% green candle yesterday, XRP bulls have now set their sights higher If they succeed in taking the price to $0.49, this will result in a crossing of the 200-week and 200-day moving average lines (shown in white).
It is worth noting that later today, the Fed will once again announce its decision on whether or not to raise interest rates. It has caused massive volatility in the market on every occasion so far.
Bullish sentiment will remain strong until the pair falls below $0.4. If buyers are unable to sustain this level, $0.36 is the first significant support.
Basic support level: $0.4 and $0.36
Basic Resistance Level: $0.45 and $0.49
Daily Moving Average:
MA20: $0.35
MA50: $0.35
MA100: $0.34
MA200: $0.48
XRP/BTC Chart
Unlike Bitcoin, XRP is currently extremely bullish. The recent 40% gain is proof of that. Horizontal support (in red) at 2200 SAT, a significant level in price history, has already been reached.
The 200-week moving average, currently at 2870 SAT, serves as the next resistance (in yellow). A test of horizontal support at 1800 SATs (in green) is also healthy until price breaks below it.
Basic support level: 1800 SATs and 1550 SATs
Basic Resistance Level: 2200 SATs and 2870 SATs
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees in the first month on Binance Futures (Conditions).
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.
Disclaimer: Information found on CryptoPotato is attributed to the authors. It does not represent Cryptopotato’s opinion on buying, selling or holding any investment. You are advised to conduct your own research before making any investment decision. Use the information provided at your own risk. See disclaimer for more information.
Cryptocurrency Chart by TradingView.
