Ripple like Bitcoin and Ethereum can’t exceed the daily MA200 and are in a downward trajectory.
Technical analysis
To: Grizzly
Daily chart:
In the daily time frame, after the bear successfully defended the resistance at $ 0.93, they were able to push the price down to $ 0.75 and make a 19% correction. Ripple is currently sandwiched between the daily MA100 as a support (marked in white) and the MA50 as a resistance (marked in yellow).
If the Bulls can push prices above $ 0.82, it is reasonable to expect the $ 0.93 (marked in red) resistance zone to be tested again. Otherwise, the $ 0.7 support zone (marked in green) can reverse the trend.
And this can be seen as the end of the uptrend.
The ROC 14 indicator is below the baseline, but still above the ascending line (marked in blue). Overall, the trend is still bullish as long as XRP retains the support mentioned above.
4-hour chart:
In the 4-hour time frame, the ripple fluctuates within the upward triangle. This is a technically bullish pattern. But in such cases, you have to wait for the exit from one side to make a better decision.
If the price breaks out of the highs and breaks the resistance at $ 0.93, you can expect to hit a target above $ 1. And if it breaks out of the bottom and exceeds support at $ 0.72, you can expect the support level of $ 0.62 to be tested again.
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Cryptocurrency chart According to TradingView.
