XRP Crashes Towards $0.30, But Bulls Outperform Bitcoin (Ripple Price Analysis)
Ripple has not been exempt from the recent downturn in the cryptocurrency market. Despite this, XRP paints a different picture against Bitcoin. It is worth noting that there have been two completely different views when analyzing the two pairs. In the last 24 hours, the price fell by 8% while it increased by about 3% against Bitcoin.
Technical analysis
Of Grizzlies
The daily chart
The bulls are undeniably weaker than the bears as lower highs and lower lows are seen in the chart. The long upper wicks of the red candles, as well as the length of their bodies, indicate how vigorously the bears are guarding the higher levels.
As for the last day, sellers pushed the pair to near $0.31, but the support zone there was able to save XRP again (in green). This reminded me of June and July.
Given the current market dominance of the bears, the horizontal resistance at $0.35 is unlikely to be breached anytime soon. Unless there is a breakout above it, the structure is completely bearish.
Since closing below $0.3 is likely to trigger many stop losses, it is crucial to keep the price above that level.
Important support levels: $0.30 and $0.24
Key resistance levels: $0.35 and $0.40
Daily moving averages:
MA20: $0.33
MA50: $0.35
MA100: $0.35
MA200: $0.51
The XRP/BTC chart
As mentioned earlier, the structure of the XRP/BTC trading pair is bullish. Buyers appear to close the sixth candle in a row above the 200-day moving average (in white). The resistance zone between 1700 and 1800 SAT (shown in red) is a strong barrier that the price must overcome, although it has not been able to do so for 75 days.
If the pair can reverse this level, a new bullish structure will be established. In this case, a higher high will form in the weekly chart, which has not happened since May 2021.
Ripple was no different from the majority of altcoins today when it came to outperforming Bitcoin.
Important support levels: 1500 SATs and 1370 SATs
Key resistance levels: 1800 SATs and 2100 SATs
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