Ripple Rises as Market Recovers, DXY Index at Resistance
The price of Ripple has increased by 4% over the last two days as the crypto market shows signs of recovery. One explanation for this may be found in the DXY index reaching a level of resistance. However, overall sentiment across risk-on markets co[...]
Although the crypto market has begun to recover over the last two days, Ripple has only increased by 4%. One explanation for this may be found in the DXY index reaching a stiff resistance. However, the sentiment across risk-on markets continues to be bearish, which could explain why Ripple hasn't seen a more significant increase.
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The bearish trend is likely to continue, with the price potentially falling below the $0.39 support level. The bulls will need to defend this level aggressively to prevent further downside.
It is still too soon to tell if the recent price increase is significant enough to start a rally. The bulls need to flip the resistance zone in the range of $0.38-$0.39 by passing through Ichimoku Cloud. This will likely coincide with clearing the resistance of the descending line (in yellow). However, this is a level that the asset has been stuck below for over 100 days. Only time will tell if the rally will begin soon.
The crypto market is unlikely to start recovering convincingly until the Federal Reserve reduces its hawkish policies. High-risk assets will probably experience expanded volatility due to current macroeconomic conditions and fear of recession.
Looking at the chart for XRP, we can see that it has support at $0.33 and $0.28, and resistance at $0.36 and $0.39. XRP has been in a bit of a downtrend lately, but
The moving averages for the day are as follows: MA20: $0.35, MA50: $0.35, MA100: $0.36, MA200: $0.53.
The XRP/BTC chart is on the rise, indicating a strong future for the cryptocurrency.
It is worth noting that the price of Bitcoin has not been able to stay above the 200-day moving average for the fourth time in the last two months. In previous instances, the price extended up to the 100-day moving average, but has not been able to sustain that level. This could be an indication that the market is losing confidence in Bitcoin as a viable investment option.
There is potential for XRP to be supported by the 100-day moving average (MA) at 1500 SATs. If this level is broken, the next support will be at 1370 SATs.
The key support levels for the SATs are 1500 and 1370, while the key resistance levels are 1700 and 2100. This indicates that there is a lot of potential for the SATs to fluctuate in the coming months.
CryptoPotato's Ripple Price Analysis highlights the importance of the $0.30 level for XRP bulls. A sustained move above this level could see the cryptocurrency breakout to higher prices in the days and weeks ahead.
