After seven weeks, XRP managed to push back below $0.4, but the bears were quick to push the price back below that. For the bullish structure to remain valid, the bulls must not allow the price to fall below $0.33.
The Daily Chart
The bullish structure resulting from the formation of higher and higher lows is visible in the chart below. Late last week, the bulls succeeded in their third attempt to break the resistance zone in the $0.37-$0.39 range (in yellow). This extended the price towards the 100-day moving average (in white), although it was not reached or exceeded.
The bears defended this level, causing a false breakout to appear on the chart. The pair is currently trading below the resistance zone and the MA100 is approaching this level.
The bullish structure would be even stronger if the bulls can push XRP above $0.41. A break and close above this resistance would signal the start of a rally targeting $0.5. Conversely, if buyers fail to block the recent decline above $0.33, the bullish structure will be invalidated.
Basic levels of support: $0.33 & $0.30
Basic Resistance Levels: $0.39 & $0.41
Daily moving averages
The XRP/BTC chart
Against BTC, the cryptocurrency is trading between the 100-day moving average from the downside (in yellow) and the 200-day moving average from the upside (in white). This caused the price to fluctuate between two support and resistance zones ranging from 1500 SAT (in green) to 1700 SAT (in red). No significant movement can be expected until the price breaks out of this narrow range.
Basic levels of support: 1500 SAT & 1370 SAT
Basic Resistance Levels: 1700 SAT & 2100 SAT
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