Ripple Bulls Defend a Critical Support, But is The Worst Over?

Buyers have so far defended the support at $0.3, but the overall situation doesn’t look particularly appealing for XRP. Against BTC, the cryptocurrency is performing a bit better.

Technical Analysis

By Grizzly

The Daily Chart

On the daily timeframe, the buy wall at $0.3 temporarily prevented the further decrease in the price. However, the selling pressure still seems high. Technically, for XRP bulls to hope for a reversal, the cryptocurrency needs to chart at least one higher high and higher low.

On the other hand, if bears keep the control,  $0.3 is likely to fail as takers have once filled buy-orders at this price. The levels at which the makers have placed orders of more than 1.8 million XRP are shown in the chart, respectively. These levels have the potential to help reduce the bearish momentum.

In the bullish scenario, the horizontal resistance at $0.37 (in yellow) is the first challenge on the path, accompanied by a red descending line as resistance.

Key Support Levels: $0.25 & $0.23 & $0.20
Key Resistance Levels: $0.37 & $0.41

Source: TradingView

Moving Averages:

MA20: $0.38
MA50: $0.44
MA100: $0.61
MA200: $0.69

The XRP/BTC chart

Against BTC, buyers again defended the horizontal support at 1230 Sats (in green). They managed to break the yellow dynamic resistance after more than 30 days of a sideways trend.

The first barrier against them is the horizontal resistance in 1550 Sats (in red). If buyers can push the price above that, they will be able to get back one of the critical levels. XRP’s performance against Bitcoin has been decent in the last four days.

xrpbtc_chart
Source: TradingView

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

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Cryptocurrency charts by TradingView.

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