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

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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
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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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