Despite the Turmoil, Ripple Soars 20% Against BTC in a Week

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Buy­ers are still deter­mined to defend the lev­el of $ 0.3. The price has test­ed this sup­port once in the cur­rent week.

Technical Analysis

By Griz­zly

The Daily Chart

The price is cur­rent­ly at the Fibonac­ci lev­el of 0.786 (in blue), which is at $0.3. If the bulls are suc­cess­ful in defend­ing it, then the cryp­tocur­ren­cy might have a shot at mov­ing towards the Fibonac­ci lev­el of 0.618 at $0.44, which is now a hor­i­zon­tal resis­tance (in green). How­ev­er, giv­en the cur­rent mar­ket con­di­tion and over­all momen­tum, this seems like the less like­ly case.

In the bear­ish sce­nario, if  $0.3 breaks down, the sup­port range at $0.17-$0.24 can be con­sid­ered a poten­tial rever­sal zone.

Key Sup­port Lev­els: $0.30 & $0.24 & $0.17
Key Resis­tance Lev­els: $0.44 & $0.58

Mov­ing Averages:

MA20: $0.37
MA50: $0.43
MA100: $0.6
MA200: $0.69

The XRP/BTC chart

Against BTC, the sit­u­a­tion is entire­ly dif­fer­ent. The price has increased by 20% in the last sev­en days. The bulls are now try­ing to break the crit­i­cal resis­tance in 1550 Sats. If this hap­pens, the next resis­tance is at 1700 Sats.

On the oth­er hand, if buy­ers fail to push the price above the men­tioned lev­el, XRP may move towards hor­i­zon­tal sup­port at 1250 Sats. Still, it remains to be seen how the bulls will per­form in the com­ing days as mar­ket volatil­i­ty remains sky-high.

Key Sup­port Lev­els: 1250 Sats & 1100 Sats
Key Resis­tance Lev­els: 1550 Sats & 1700 Sat

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 



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