Ripple Price Analysis: XRP Rejected at Key Resistance, Likely Facing Another Drop - GKnews.net

Ripple Price Analysis: XRP Rejected at Key Resistance, Likely Facing Another Drop


XRP continues to downward slides, following the overall bearish sentiment in the crypto markets. The price got rejected at the critical line of resistance of $0.92 and now heading towards low levels where support lies.

technical analysis

Technical Analysis By Grizzly

The Daily Chart

On the daily timeframe, despite the sudden spikes, it still seems that the sellers have the upper hand now. If we look at the past recent uptrends, we see that previous uptrends have occurred by increasing buying pressure from buyer takers, which led to price increases.

These areas are marked with numbers 1, 2, and 3 and white lines on the following chart. We can’t identify the same structure that led to the price rise before, when comparing it to today’s situation.

Key Support Levels: $0.6 & $0.5

Key Resistance Levels: $0.92 & $1.00

Moving Averages:

MA20: $0.75

MA50: $0.78

MA100: $0.75

MA200: $0.87

The 4-Hour Chart

In the 4-hour timeframe, after XRP corrected 50% of what it had lost in April, it failed to break the resistance barrier at $0.8 (which intersects with the MA100 line as resistance). Since then, it has continued its downtrend, which is expected to retest the support at $0.68.

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.





Source link

Leave a Comment