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XRP Pulls Back Towards $0.35, Here’s the Critical Support to Watch (Ripple Price Analysis)


cryptopotato.com 23 July 2022 19:49, UTC
Reading time: ~2 m

XRP has moved between the $0.30 and $0.38 price levels in the last month. During the past few days, it wasn’t able to breach the overhead resistance.

Technical Analysis

By Grizzly

The Daily Chart

The fourth-largest cryptocurrency has underperformed Bitcoin and Ethereum in recent days. While BTC, ETH, and BNB have broken out from their monthly consolidation phase, XRP is still below its solid resistance on a daily timeframe.

The resistance zone in the range of $0.38 to $0.45 (in blue) is a substantial barrier for the cryptocurrency. On the other hand, the relative strength index (RSI) indicator is now moving away from the neutral zone and is heading towards the descending line (in red). Hitting this line has caused XRP to experience a deep fall (red rectangle) in the last four times.

To start a rally and compensate for its recent long-term decline, XRP should go above the blue resistance zone. The bullish momentum could increase if buyers sustain the price above $0.48. The possibility for this scenario will be much stronger if the RSI breaks the descending line upwards.

Any price drop below $0.3 will cause XRP to experience a prolonged bear market.

Key Support Levels: $0.30 & $0.24
Key Resistance Levels: $0.38 & $0.45

Moving Averages:
MA20: $0.34
MA50: $0.34
MA100: $0.44
MA200: $0.59

The XRP/BTC chart

Against Bitcoin, the bulls were unsuccessful in their renewed attempt to break above the 200-day simple moving average line (in yellow). This caused the price to move towards the horizontal support at 1500 SATs (in green). If the bears penetrate below this level, the recent bullish trend will be reversed by forming a lower low. This may result in the cryptocurrency revisiting its support at 1370 SATs (in white). As long as the buyers defend the green horizontal support, the resistance zone resulting from the overlapping of the SMA200 and the descending line (in blue) is likely to be retested.

Key Support Levels: 1500 & 1370 SATs
Key Resistance Levels: 1800 & 2000 SATs

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