XRP Struggles Towards $0.40 As Bears Start To Raise Their Heads (Ripple Price Analysis)

XRP Struggles Towards $0.40 As Bears Start To Raise Their Heads (Ripple Price Analysis)

RippleThe price of Bitcoin has risen in recent weeks following Bitcoin's rally. However, there are still significant resistance levels that should be claimed before an upward move emerges in the market structure.

Technical analysis

From: Edris

XRP/USDT daily chart:

On the daily USDT chart, the price has recovered after recovering from the critical $0.3 level earlier this month. Ripple is currently caught between the 50-day and 100-day moving averages at around $0.37 and $0.39, respectively.

In case the 200-day moving average is broken to the upside, the significant $0.43 level would be the next obstacle that should be cleared before the market structure could be considered bullish in the short term.

The RSI indicator should also be watched closely as it reaches overbought territory and could potentially form a bearish divergence signal in the coming days.

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XRP/BTC daily chart:

The market structure appears to be almost completely opposite on the BTC paired chart as the price has fallen rapidly recently and Bitcoin has surpassed XRP.

However, the decline appears to have stopped as the SAT support level of 0.000018 is holding the price. Considering the possible bearish crossover between the 50-day and 100-day moving averages, with the former trending lower around the 0.000021 SAT level, the 0.000018 SAT support could be broken to the downside. This structure could drive Ripple’s price towards the lower boundary of the major bearish flag and the critical 0.000015 SAT support zone.

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