Ripple's Struggle to Maintain $0.33 Support
For the past 10 days, Ripple has been having difficulty staying above the support level of $0.33. As a result, the cryptocurrency has been trading within a very small range with hardly any volatility. The general feeling among investors remains neg[...]
It is clear that Ripple is having trouble sustaining itself above the $0.33 mark, with the cryptocurrency barely managing to hold onto this level for 10 days in a row. This lack of movement or volatility is concerning for investors, as it indicates that the overall sentiment around Ripple remains negative. Unless something changes soon, it is unlikely that Ripple will be able to stage a recovery in the near future.
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It appears that the bulls are having difficulty extending the price above the resistance zone at $0.33 on the daily chart. Presently, it seems that there is not enough demand to produce a significant increase.
The current structure formed after registering a high near $0.4 has been bearish. If this situation continues, the cryptocurrency is more likely to revisit the horizontal support at $0.3 (in green). The ascending line (in yellow) that has become resistance is another hurdle ahead of price growth. The bearish structure that has formed after the recent high near $0.4 could mean that the cryptocurrency is more likely to revisit the horizontal support at $0.3. This would be a key level to watch, as a break below it could signal further downside.
The bearish argument seems to have more merit at the moment, as the price is currently below the red resistance zone. A close above this area would be needed before an increase could be seen.
The key support and resistance levels for Ethereum Classic (ETC) are currently $0.32 and $0.30, respectively. The key resistance levels are $0.33 and $0.36.
The moving averages for the day are as follows: MA20 is at $0.34, MA50 is at $0.35, MA100 is at $0.35, and MA200 is at $0.51.
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The bulls have failed to break the 200-day moving average line on their fifth attempt, with the resistance remaining in the 1700-1800 SAT range. This could be a key level to watch in the coming days and weeks, as a sustained break above it could signal a further move to the upside.
The pair is currently trading below the 50-day moving average (in yellow), which is acting as support. A close and break below this level could send the pair down to 1,500 SATs (in green).
It is clear that the bulls have the upper hand in this particular chart. However, a rally is not likely to start until the price goes above 1800 SATs. This is something that investors will be closely watching in the days and weeks ahead.
The key support levels are 1500 SATs and 1370 SATs. The key resistance levels are 1800 SATs and 2100 SATs.
If the bulls don't step in soon, XRP could see a drop to $0.3. That's according to Ripple price analysis from CryptoPotato. The cryptocurrency market has been in a bit of a slump lately, and XRP has been no exception.