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Despite several attempts to push the price above $0.50, XRP has been unsuccessful in stabilizing around this level.
Technical Analysis
By Grizzly
The Daily Chart
The cryptocurrency continues to challenge the $0.50 resistance, but, unfortunately, to no avail. It’s failed to overcome this level three times in just as many weeks.
Breaking above it would position the asset to retest the descending line (in red). If it manages to clear this barrier, the price will have better chances of going towards the next resistance level in the area between $0.66 and $0.69. is projected to extend to the next resistance level in the $0.66 to $0.69 range (in yellow).
However, in the opposite case – the price will likely retest the support level at $0.42 (in green). If that happens and XRP closes below it, this would amplify the bearish momentum, completely shifting the relatively positive trend as of recent.
Key Support Levels: $0.42 & $0.33
Key Resistance Levels: $0.50 & $0.66
Daily Moving Averages:
MA20: $0.45
MA50: $0.38
MA100: $0.37
MA200: $0.46
The XRP/BTC Chart
After the most recent increase towards the resistance at around 2870 SATs (in red), the cryptocurrency is now fluctuating within a symmetrical triangle (in yellow).
The next direction will likely be determined based on which side the triangle gets broken to. A break above it would position XRP for another retest of the 2870 SATs resistance leve. On the other hand, the first support lies at 2200 SATs (in green).
Key Support Levels: 2200 SATs & 1800 SATs
Key Resistance Levels: 2870 SATs & 3900 SATs
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Cryptocurrency charts by TradingView.
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