Ripple has bounced from its recent sharp decline, perhaps indicating that buyers are still controlling the market. This structure has provided another opportunity to retest the overhead resistance.
Technical Analysis
By Grizzly
The Daily Chart:
Although Ripple has not succeeded in its repeated attempts to break the resistance zone (in red), the positive momentum is still apparent in the market. The emergence of higher lows in the lower timeframe signals greater buyer strength.
To extend its upward trend, XRP must overcome two obstacles: the descending resistance line (in white) and the resistance zone in the $0.5 to $0.55 range. The intersection of these two signifies the magnitude of the required demand to break above this range.
If XRP overcomes this barrier, it will likely attempt a push toward $0.7. (in yellow). As long as the asset is trading above $0.42, the described scenario is probable.
Key Support Levels: $0.42 & $0.33
Key Resistance Levels: $0.55 & $0.70
Daily Moving Averages:
MA20: $0.48
MA50: $0.41
MA100: $0.38
MA200: $0.45
The XRP/BTC Chart:
Against Bitcoin, XRP is stuck below the horizontal supply range at 2870 SATs (in red), which corresponds to the ascending resistance line (in white). This diagonal line has accompanied the cryptocurrency since the beginning of 2021, and it has now been tested as resistance for the first time. Even though the upward momentum has slowed slightly in recent days, the 14-day RSI indicates that buyers are still dominant.
This positive sentiment is expected to persist as long as the pair is above 2200 SATs (in green).
Key Support Levels: 2200 SATs & 1800 SATs
Key Resistance Levels: 2870 SATs & 3900 SATs
The post Despite the Recent Drop, is XRP Headed to $0.55 Again? (Ripple Price Analysis) appeared first on CryptoPotato.