Ripple gained 20.6% last week. After more than 100 days, the bulls were able to close above $0.40 on positive news related to the trial against the SEC.
technical analysis
go through Grizzly
daily chart
The $0.4 (yellow) horizontal level – which has been preventing price gains – has now acted as support on the daily chart. With a 14% green candle yesterday, XRP bulls have now set their sights higher. If they succeed in pushing the price towards $0.49, this will also lead to a crossover of the 200-week and 200-day moving averages (shown in white).
It’s worth remembering that later today, the Fed will announce its decision on whether to raise interest rates again. So far, this has caused huge market volatility in any case.
Bullish sentiment will remain strong as long as the pair does not break below $0.4. If buyers cannot sustain this level, $0.36 is the first significant support.
Key Support Levels: $0.4 and $0.36
Key Resistance Levels: $0.45 and $0.49
Daily moving average:
MA20: $0.35
MA50: $0.35
MA100: $0.34
MA200: $0.48
XRP/BTC Chart
XRP is currently too bullish relative to Bitcoin. The recent 40% gain proves this. Horizontal support at 2200 SAT (red) has been reached, an important level in price history.
The 200-week moving average, currently at 2870 SAT, is the next level of resistance (yellow). A test of horizontal support at 1800 SAT (green) is also healthy before price breaks below it.
Key Support Levels: 1800 SAT and 1550 SAT
Key Resistance Levels: 2200 SATs and 2870 SATs
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