Ripple Struggling Below a Critical Resistance, What’s Next?

Ripple’s price is facing some technical challenges on the way up. It did not live up to expectations, and the recent positive news failed to help much in pushing the price up. The volume is still low, and it seems that investors’ confidence has not been attracted yet.

Technical Analysis

The Daily Chart:

Technical Analysis By Grizzly

There are two main trend lines on the daily chart that have accompanied the price since the Covid Crash. The yellow trend line has now become resistance, and the blue one is playing as the dynamic support. But the main challenge right now is the resistance at $1, which is the confluence of different supply zones and indicators.

Breaking this resistance seems to be difficult, and Ripple needs a stronger catalyst than the news to overcome this challenge. If the price can cross above this area with strength, the road ahead will be smoother, and one can even expect the formation of a higher high with respect to the 2021’s top.

Indicators:

RSI-14: Bullish and above baseline (bulls control the market)
MACD: Sideways but in the bullish area

1
Source: TradingView

The 4-Hour Chart:

On the 4-hour timeframe, XRP is trading on the RSI support (marked by green), and the power of bulls is evident, but it has failed to break its static resistance (marked by yellow).

123
Source: TradingView

Crossing this area and the dynamic resistance (marked by red) will lead the cryptocurrency to the resistance at $1, which was examined on the daily timeframe to be the main challenge on the price road. Adversely, if the current bear/bull balance fails and the price heads south, the immediate support levels in short term are $0.65 and $0.7.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/xrp-price-analysis-ripple-struggling-below-a-critical-resistance-whats-next/