December 5, 2022

Ripple Price Analysis: XRP Bulls Battle To Defend 2020 Highs, These Are The Levels to Watch

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XRP/USD – – XRP Battling To Defend 2020 Highs

Secret Support Levels: $0.828, $0.8, $0.75.
Key Resistance Levels: $0.92, $1.00, $1.05.

Last week, XRP fell below an ascending triangle pattern after dropping below $1.00. Throughout the week, XRP crashed to $0.8 but has battled to close each day-to-day candle light above the 2020 high at $0.8282.

It is now having a hard time to break above the 20-day MA at around $0.92, and this will be the very first resistance to get rid of as a signal that the bulls are attempting a turnaround.

XRP/USD Daily Chart. Source: TradingView. XRP-USD Short Term Price Prediction Looking ahead, the very first level of assistance lies at $ 0.8282.

This is followed by $ 0.8, $ 0.75(.786 Fib), and $ 0.7(200-day MA ). Alternatively, the first resistance lies at $ 0.92(20-day MA ). This is followed by $ 1(100-day MA), $ 1.05( bearish.382 Fib), and $ 1.20 (50-day MA). The RSI has actually been consistently beneath the midline throughout June 2021, indicating that the bears are in complete control of the momentum.

However, it has not dipped too far beneath the 40 level, which suggests that the bears have failed to increase their momentum up until now. XRP/BTC – Bears Break Beneath May Low-day Closing Price

Key Support Levels: 2200 SAT, 2052 SAT, 1900 SAT.
Secret Resistance Levels: 2260 SAT, 2415 SAT, 2500 SAT.

XRP is showing signs of weak point against BTC after breaking below the May low-day closing cost at 2260 SAT today. A long-term.786 Fib offered this assistance, and the bulls attempted to safeguard this level over the weekend.

Because breaking below it, XRP dropped as low as 2200 SAT, where it founds assistance at a short-term.786 Fib.

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XRP/BTC Daily Chart. Source: TradingView. XRP-BTC Short Term Price Prediction

Looking ahead, if the sellers continue underneath 2200 SAT, the very first assistance lies at 2052 SAT (long term.886 Fib & & 100-day MA). This is followed by 1900 SAT (Jul 2020 low) and 1800 SAT (200-day MA).

On the other side, the very first resistance lies at 2260 SAT. This is followed by 2415 SAT (bearish.236 Fib), 2500 SAT (20-day MA), and 2662 SAT (bearish.382 Fib & & 50-day MA).

The RSI is deep within the bearish territory here, showing that the sellers are in total control of the market momentum. There is still room to continue further prior to the marketplace ends up being incredibly oversold, suggesting prices might continue to decrease from here.