September 24, 2022

Ripple is up 20.6% over the past week. After more than 100 days, the bulls were able to close the candle above $0.40 on favorable news related to the trial against the US Securities and Exchange Commission.

Technical Analysis

By Grizzlies

Daily chart

The horizontal level at $0.4 (yellow) – which has consistently prevented the price from rising – has now turned into support on the daily chart. With a 14% green candle yesterday, XRP bulls have now set their sights higher. If they are successful in pushing the price towards $0.49, this would also result in a crossover of the 200-week and 200-day moving average lines (shown in white).

It’s worth noting that later today, the Fed is due to announce its decision on whether or not to raise interest rates again. This has so far caused great volatility in the market at every opportunity.

Bullish sentiment would remain strong until the pair falls below $0.4. If buyers are unable to sustain this level, $0.36 is the first significant support.

Key levels of support: $0.4 and $0.36
Key resistance levels: $0.45 and $0.49

Daily moving averages:
MA20: $0.35
MA50: $0.35
MA100: $0.34
MA200: $0.48

Source: TradingView

XRP/BTC chart

Relative to Bitcoin, XRP is currently too bullish. Recent increases of 40% are proof of that. Horizontal support at 2200 SAT (red), a significant level in price history, has already been reached.

The 200-week moving average, currently at 2870 SAT, serves as the next resistance (yellow). A test of horizontal support at 1800 SAT (green) is also healthy until the price breaks below it.

Key levels of support: 1800 HOURS & 1550 HOURS
Key resistance levels: 2200 HOURS & 2870 HOURS

Source: TradingView

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Cryptocurrency charts by TradingView.

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