Analysis of the Ripple Price: XRP Is About to Cross Below a Crucial Support
Until now, the bulls have been able to keep XRP above significant support. The 50-day moving average was rejected, causing a 15% correction in the price of the cryptocurrency.
Technical Assessment
Everyday Chart
For XRP, the mid-term chart structure has changed to a large extent. The price has been unable to hold multiple supports, which are now acting as resistance levels.
The price chart shows two crucial levels: support at $0.28-$0.3 and resistance at $0.42-$0.45 (in red) (in green). In order to move the market significantly, one of these levels must be broken. The task for bulls, however, appears to be more challenging. Even if they are able to raise the price above the 50-day moving average line (in yellow) and $0.4, the 100-day moving average (in white) and the red resistance zone will still act as a formidable barrier.
$0.28 and $0.24 are the key support levels.
Resistance levels to watch: $0.40 and $0.45
Moving Averages (MA20, MA50, MA100, MA200): $0.33, $0.36, $0.48, and $0.62 respectively
The chart for XRP/BTC
XRP’s trading structure is favorable compared to Bitcoin. At 1500 SATs, buyers have so far been successful in defending the support. The price must be raised above the horizontal resistance at 1700–1800 SATs in order for a rally to occur (in blue). In this instance, XRP will experience exceptional momentum as a result of the breakout’s potential to persuade speculators that the trend has changed by creating a higher high. On the other hand, if it breaks below 1500 SATs, the bullish scenario in this chart is invalidated.
1500 SATs and 1250 SATs are the key support levels.
1800 and 2000 SATs are important resistance levels.
On-chain Evaluation
It is clear from looking at the XRP network that fewer payments have been made since the year’s beginning. From a peak of 590,000, it has fallen to 103,000. This demonstrates that demand has left the network.
