Saturday , February 4 2023
Home / Crypto news / XRP Flat on the Weekly, Will it Break Above $0.40 on SEC Case Optimism? (Ripple Price Analysis)

XRP Flat on the Weekly, Will it Break Above $0.40 on SEC Case Optimism? (Ripple Price Analysis)

Summary:
Following a ruthless price action in November, Ripple is now attempting to recoup its losses alongside the rest of the cryptocurrency market. Although it was expected that optimism regarding the SEC action would result in positive market movements, this is yet to come to fruition. Technical Analysis By Grizzly The Daily Chart On the daily chart, XRP initiated an uptrend after touching the major horizontal support (in white) at %excerpt%.31, rising 22% from the local low. The 14-day RSI is also attempting to reverse the center line, which represents the boundary between bullish and bearish zones. XRP must now break above %excerpt%.42 in order to retest the descending line resistance (in red), which has followed the price since April 2021. However, the initial effort in late November was

Topics:
CryptoVizArt considers the following as important: , , ,

This could be interesting, too:

Duo Nine writes Crypto Price Analysis Feb-3: ETH, XRP, ADA, MATIC, and FTM

CryptoVizArt writes Bearish Signs for Ripple Appear, Will %related_posts%.40 Hold? (XRP Price Analysis)

CryptoVizArt writes Short Squeeze or Temporary Decline, What’s Next for XRP? (Ripple Price Analysis)

CryptoVizArt writes XRP Battles for %related_posts%.40 as Bears Starting to Poak Their Heads (Ripple Price Analysis)

Following a ruthless price action in November, Ripple is now attempting to recoup its losses alongside the rest of the cryptocurrency market. Although it was expected that optimism regarding the SEC action would result in positive market movements, this is yet to come to fruition.

Technical Analysis

By Grizzly

The Daily Chart

On the daily chart, XRP initiated an uptrend after touching the major horizontal support (in white) at $0.31, rising 22% from the local low. The 14-day RSI is also attempting to reverse the center line, which represents the boundary between bullish and bearish zones.

XRP must now break above $0.42 in order to retest the descending line resistance (in red), which has followed the price since April 2021. However, the initial effort in late November was unsuccessful.

Assuming XRP closes over $0.42, it has two options: break it and extend towards the resistance zone in the area of $0.5 to $0.55 (in yellow). The second option would be that buying volume dries up, and the pair descends back to $0.31.

As long as the cryptocurrency trades between $0.3 and $0.55, the accumulating period will continue with no discernible shift.

Moving Averages:
MA20: $0.38
MA50: $0.42
MA100: $0.42
MA200: $0.39

xrp_price_chart_061201
Source: TradingView

The XRP/BTC Chart:

In late November, the cryptocurrency witnessed an uptrend that lasted until the resistance of the ascending line (in yellow). Their failure to surpass it resulted in the formation of a double top.

In this chart, the most crucial support is the 2000 SATs (in white). The positive trend remains for as long as the asset trades above this level. The short-term resistance at 2500 SATs, on the other hand, is regarded as the primary barrier.

If XRP gains momentum over that level, the next target will be found at 2900 SATs.

Key Support Levels: 2000 SATS, 1800 SATs
Key Resistance Levels: 2500 SATs, 2900 SATs

xrp_price_chart_061202
Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *