Ripple's 16% Increase: Bearish Trend Still in Play?
Over the last five days, Ripple has increased by 16%. Even though this is impressive, it doesn't mean that the bearish trend has ended.
It is clear that Ripple is still in a strong upward trend, despite the recent bearish market conditions. This growth is impressive and shows that Ripple is still a strong force to be reckoned with in the cryptocurrency world.
How to Use Technical Analysis to Boost Your Trading Strategy
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The Daily Chart: A summary of the day's top stories.
It is clear that the bulls are determined to keep the price of XRP above $0.3, as they have repeatedly defended this level over the past few months. However, the next major resistance level for XRP lies at $0.38, and it remains to be seen whether the bulls will be able to push the price above this level. Since June 22, the price of XRP has been stuck in a sideways trend, with buyers unable to break through the resistance of the descending trendline. This also means that the pair has formed lower highs since then.
It is clear that the market is bullish on Ripple (XRP) at the moment. The horizontal resistance at $0.38 is the key level to watch. A close and break above this zone will further strengthen the current bullish sentiment. In that case, the 200-day moving average, currently at $0.51, might get tested.
The current market structure is still not bullish. If the price breaks out of the consolidation zone, it could signal the beginning of an uptrend. However, if this turn out to be a fakeout and the price falls below $0.3, support can be found at $0.24.
The market for digital currencies has been volatile in recent months, with prices fluctuating widely. However, some key support and resistance levels have emerged.
The moving averages for the day are as follows: MA20 is at $0.33, MA50 is at $0.35, MA100 is at $0.35, and MA200 is at $0.51.
The XRP/BTC Chart: A Closer Look
It is clear that the bullish momentum that had been driving the price of Bitcoin upwards has now shifted. The bears have taken control and driven the price down by 11% over the last 4 days. If Bitcoin continues to outperform altcoins, it is possible that the price could slip below the support area at 1500 SATs.
As we can see from the paragraph, the key support levels for the SATs are 1650 and 1500, while the key resistance levels are 1800 and 2100.
The post XRP Surges 16% in Five Days, Here's the Next Target (Ripple Price Analysis) appeared first on CryptoPotato. In the past five days, the price of XRP has surged by 16%.