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Ripple Bulls Trying to Return to Town, Is $0.40 in Sight? (XRP price analysis)
Ripple's price has undergone increased volatility in the last 24 hours, experiencing fluctuations of around 15% within a few hours. However, there could be more of the same on the way. Technical Analysis By: Edris The initial decline has been in play since the price faced multiple rejections from the 200-day and 50-day moving averages. However, the $0.3 support level, which had previously saved the price from further decline, has...
Ripple Bulls Trying to Return to Town, Is $0.40 in Sight? (XRP price analysis)
Ripple's price has undergone increased volatility in the last 24 hours, experiencing fluctuations of around 15% within a few hours. However, there could be more of the same on the way.
Technical analysis
From: Edris
XRP/USDT daily chart
On the daily time frame, it is evident that the price quickly fell towards $0.3 and quickly recovered as shown by the sizeable wick to the downside. The initial decline has been in play since the price faced multiple rejections from the 200-day and 50-day moving averages.
However, the $0.3 support level, which had previously saved the price from further decline, has successfully done so again and pushed the cryptocurrency higher.
Currently, the 50-day and 200-day moving averages remain significant dynamic resistance levels around the $0.37 and $0.39 levels, respectively, with the $0.42 area being the critical resistance zone for price to break for a rally in the near term. On the other hand, a break below $0.3 would be disastrous as there is no current support available to turn things around.
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XRP/BTC daily chart
Compared to Bitcoin, the price of XRP went through similar volatility today, testing the SAT support level of 0.000018 and immediately exploded again. Nevertheless, the price remains trapped between the 50-day and 200-day moving averages and is trending around the 0.000022 SAT and 0.000022 SAT levels, respectively.
While price appeared to have climbed back above the 200-day moving average earlier today, it could target the 50-day moving average near the significant static resistance level at 0.000022 SAT.
In the event of a breakout above this area, a rally and breakout above the upper boundary of the major bearish flag would be expected, leading to a potential uptrend in the near term. Conversely, a decline below the 200-day moving average would make a decline towards the 0.000018 SAT and even the 0.000015 SAT support levels likely. However, given the current market structure, the bullish scenario seems more reliable.
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