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The massive ripple sell-off, recording more than 500 days, is nowhere near its end. The market’s fiery downtrend momentum is still very much intact. The bull’s last major attempt was on April 14 2021, when the XRP market hit a high of $1.83375, and from that point, the XRP price further declined by 80%. Fresh shots by the bulls to upturn prices were to no avail.
Technical Analysis
DAILY CHART – D1
The price of ripple plunged 13% from its monthly high of $0.386, thereby causing the pair to fall below the 20-day, 50-day and 100-day moving average lines.
These moving averages confluence around the $0.36 area, making it a critical resistance zone(red). Meanwhile, an important area to watch out for, in case a breakout occurs, is the $0.4 area which is a major supply zone with an opposing horizontal resistance above ripples’ current market price.
A breakout above $0.4 will signal the beginning of the price rise. In that event, the chances of getting to the 200-day moving average (in white), now at $0.53, will be possible. However, taking into account the prevailing sell sentiment, this upward move is not probable.
Moreover, the bears can further drive prices down to revisit the $0.3 area from the looks of price behaviour on lower timeframes.
Summarily, $0.4 and $0.3 are both areas to watch out for.
Key Support Levels: $0.3 and $0.17
Key Resistance Levels: $0.4 and $0.50
Daily Moving Averages:
MA20: $0.36
MA50: $0.36
MA100: $0.36
MA200: $0.53
The XRP/BTC Chart
In this chart, the Buyers lead the current general market sentiment to a reasonable extent. They have caused a more than 10% rally in price in the last two weeks. This rally in price has made the pair go above the 200-day moving average line (in white) with two daily candles closing above it.
Nonetheless, the oncoming resistance of the descending line (in yellow), coupled with the resistance zone in the 1700 -1800 SATs (in red) area, may likely turn down the upward surge in price.
Key Support Levels: 1500 SATs and 1370 SATs
Key Resistance Levels: 1700 SATs and 2100 SATs
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