XRP’s price has recently displayed signs of weakness as it was significantly rejected against USDT and generated a fake bullish breakout against BTC.
Technical Analysis
By: Edris
XRP/USDT Daily Chart:
After looking at the USDT chart, it is apparent that the price has been decisively rejected downward from the $0.60 resistance level. The first potential support level is the 50-day moving average, located around the $0.45 point. This is followed by the $0.43 static resistance level and the crucial 200-day moving average, both around a similar price. Although there are sturdy support levels, the recent bearish rejection could still trouble the bulls.
XRP/BTC Daily Chart
Turning to the BTC chart, it is evident that XRP has repeatedly failed at breaking above the large descending channel pattern. It was even rejected from the 200-day moving average on the first attempt and fell back into the channel, creating a false bullish breakout. However, the 50-day moving average currently provides support around the 0.000017 SAT level. Both the upper boundary of the channel and the 0.000018 SAT resistance level are striving to push the market further down. If the 50-day moving average fails, the 0.000016 SAT support area will be the next significant level. On the other hand, a bullish breakout from the channel would cause the price to target the 200-day moving average once again in the short term, located around the substantial psychological 0.00002 SAT resistance level.
