Here’s the Next Support for XRP if $0.40 Fails (Ripple Price Analysis)

Here’s the Next Support for XRP if alt=

[ad_1]

XRP’s price has not yet shown any significant strength as it continues its struggle to surpass a critical resistance level over recent weeks. Things are not looking much better against BTC, with a major support level getting broken to the downside.

technical analysis

By: Edris

XRP/USDT Daily Chart

On the daily chart, the price has been consolidating in a tight range below the $0.43 resistance level for quite a while. The 200-day moving average, located around $0.4, has been providing support, preventing the price from dropping further.

If the $0.43 level finally gets broken to the upside, a rally towards the $0.55 area could be expected in the short term.

On the other hand, if a bearish rejection occurs, the 50-day moving average trending around the $0.37 mark would be the first potential support level before the key $0.3 area, which had previously stopped the gruesome downtrend on multiple occasions.

xrp_price_chart_0402231
Source: Trading View

XRP/BTC Daily Chart

Against BTC, the cryptocurrency has been on the decline for the last few weeks, and the 0.000018 level has seemingly been broken to the downside. A confirmation of this breakout would potentially lead to a further drop towards the 0.000015 support level in the coming weeks.

However, considering the fact that the RSI is approaching the oversold area, the recent breakdown of the 0.000018 level could prove to be a fake one. If the price rises back above it, a surge towards the 50-day and 200-day moving average lines located around 0.000019 and 0.000020 levels would be expected.

xrp_price_chart_0402232
Source: Trading View
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



[ad_2]

Source link

Leave a Comment