Ripple’s Rollercoaster Continues but is $0.3 Inbound? (XRP Price Analysis)

cropped potato fav2 32x32 1

Ripple appeared weak in the last two weeks following the sharp fall in early May. The ongoing price action, however, indicates the current sideways is more likely to be leaning to the downside.

Technical Analysis

By Grizzly

The Daily Chart

On the daily timeframe, the horizontal resistance at $0.45 has halted any upward momentum, and buyers have not been able to push and, subsequently – consolidate the price above it. The fear in the market has intensified the weakness in the trend, and there are currently no meaningful bullish signs.

If the bears push the price down again, the descending line (in green), which acts as support, will likely be touched at around $0.3. If this happens, then a short-term relief bounce might also take place.

But suppose buyers enter the market and are able to close a daily candle above $0.45. The probability that XRP will move towards the horizontal resistance at $0.55 (in red) would be high from a technical perspective.

Key Support Levels: $0.33 & $0.24 & $0.17

Key Resistance Levels: $0.45 & $0.55 & $0.65

xrpchart_1
Source: TradingView

Moving Averages:

MA20: $0.44

MA50: $0.59

MA100: $0.69

MA200: $0.77

XRP/BTC Chart

The XRP/BTC chart is analogous to the USD one. The price trades below a horizontal level and on a descending line (in yellow). The price action in the past few days strongly indicates that the bearish trend doesn’t seem to be weakening.

If the situation remains unchanged, the price will likely touch the descending line again around 1100 Sats. To get out of this trend, the cryptocurrency needs to reach the top of the horizontal resistance at 1550 Sats (in red) and close above it to reduce the downward momentum.

xrpchart_1
Source: TradingView
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

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.