XRP Price Analysis: Despite the Turmoil, Ripple Soars 20% Against BTC in a Week

Time Stamp: June 18, 2022 8:54 AM
Source Node: 1443863

Buyers are still determined to defend the level of $ 0.3. The price has tested this support once in the current week.

Technical Analysis

By Grizzly

The Daily Chart

The price is currently at the Fibonacci level of 0.786 (in blue), which is at $0.3. If the bulls are successful in defending it, then the cryptocurrency might have a shot at moving towards the Fibonacci level of 0.618 at $0.44, which is now a horizontal resistance (in green). However, given the current market condition and overall momentum, this seems like the less likely case.

In the bearish scenario, if  $0.3 breaks down, the support range at $0.17-$0.24 can be considered a potential reversal zone.

Key Support Levels: $0.30 & $0.24 & $0.17
Key Resistance Levels: $0.44 & $0.58

Moving Averages:

MA20: $0.37
MA50: $0.43
MA100: $0.6
MA200: $0.69

The XRP/BTC chart

Against BTC, the situation is entirely different. The price has increased by 20% in the last seven days. The bulls are now trying to break the critical resistance in 1550 Sats. If this happens, the next resistance is at 1700 Sats.

On the other hand, if buyers fail to push the price above the mentioned level, XRP may move towards horizontal support at 1250 Sats. Still, it remains to be seen how the bulls will perform in the coming days as market volatility remains sky-high.

Key Support Levels: 1250 Sats & 1100 Sats
Key Resistance Levels: 1550 Sats & 1700 Sat

Time Stamp:

More from CryptoPotato