XRP Supporters Forming Higher Bottom to Push Price Above $0.4

XRP supporters have tried without success to push the price above $0.4 over the previous few days and are trying now to form a higher bottom, which may allow for a bullish pattern-though bears' control of the marketplace remains.

XRP bulls had not been able to push the price above $0.4 in the past few days, and are now trying to form a higher low in order to protect their last chance for a bullish structure. The market is still under bear's control, though.

This method of analysis involves the interpretation of financial charts to determine the future direction of a security, commodity, or currency. The

Grizzly explains the technical analysis method in this article.

The Daily Chart is a financial portal known for its

In the past seven days, Ripple's price has fallen by 15% as the bears have pushed it down to $0.30.

The intersection of the two descending trendlines (shown in yellow) as support and long-term horizontal support (in green) is at $0.24. This area can be considered a potential demand zone.

If the price reaches a zone where most of the indicators are in oversold territory, it is expected that a short-term relief correction will be initiated.

The macroeconomic events that happened in the past could affect the value of Ripple by shifting it between $0.3 and $0.24, but this will probably not happen again.

Key Support Levels: $0.30   and $0.24

$0.38 and $0.45 are the key resistance levels

The moving average for the close price on the 20-day period is $0.33, for the 50-day period it is $0.37, for the 100-day period it is $0.54

The XRP/BTC Chart

The situation in the BTC pair chart is a little different.

The bulls were able to increase the price of Ripple against Bitcoin by 50%. This relief rally hit a horizontal resistance at 1800 SATs. Currently, the price has entered a corrective phase. If the buyers can defend the horizontal support at 1500 SATs (in green) and form a higher low, we can expect this price rally of XRP/BTC to continue higher.

Key Support Levels: 1500 Sats and 1250 SATs

Key Resistance Levels: 1700 Sats & 1800 SATs