Ripple has not been exempt from the recent slump in the cryptocurrency market. Despite this, XRP paints a different picture versus Bitcoin. It is worth noting that there have been two completely different perspectives when analyzing the two pairs. In the last 24 hours, the price fell 8% while rising around 3% against Bitcoin.
The daily chart
The bulls are undeniably weaker than the bears as the chart shows lower highs and lower lows. The long top wicks of the red candles, as well as the length of their bodies, indicate how vigorously the bears are guarding those higher levels.
In terms of the last day, the sellers pushed the pair close to $0.31, but the support zone was able to save XRP once again (in the green). This was reminiscent of June and July.
Given the current dominance of the market by the bears, the horizontal resistance at $0.35 is unlikely to be breached any time soon. Unless there is a break above, the structure is completely bearish.
As closing below $0.3 will likely trigger numerous stop losses, it is crucial to keep the price above that level.
Key Support Levels: $0.30 and $0.24
Key resistance levels: $0.35 and $0.40
Daily moving averages:
The XRP/BTC chart
As mentioned above, the structure on the XRP/BTC trading pair chart is bullish. Buyers look likely to close the sixth consecutive candle above the 200-day moving average (in white). The resistance zone between 1700 and 1800 SATs (in red) is a strong barrier that the price must overcome, although it has not managed to do so in 75 days.
If the pair can turn this level around, a new bullish structure will be established. In this case, a higher high will form on the weekly chart, which has not happened since May 2021.
Ripple was no different from most altcoins today in outperforming Bitcoin.
Key Support Levels: 1500 SAT and 1370 SAT
Key resistance levels: 1800 SAT and 2100 SAT
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