Rimple price analysis: XRP is at risk, because important support levels can cause a sharp decrease

XRP was recently introduced a consolidation phase after a strong meeting earlier this summer, whereby the price action is now floating around the most important resistance levels at both the USDT and BTC pairs. Although the momentum is delayed, the graphs still indicate a general bullish structure, with several important support levels that remain firmly in place.

Technical analysis

By Shayanmarkets

The USDT pair

On the XRP/USDT Daily Chart the price is currently being traded near the $ 3.10 marking, with a strong resistance zone around $ 3.40. This follows an outbreak above the range of $ 2.70 in July, which has now been reversed in a support area.

Both the 100-day and 200-day advanced averages are also trending up and recently formed a bullish crossover around $ 2.45, which strengthens the bullish sentiment in the medium term. If the resistance of $ 3.40 breaks, a push in the direction of the critical reach of $ 4.00 is probably.

The RSI that floats near the neutral 50 level, however, suggests a lack of strong momentum for the time being, which means that a short-term extension to the $ 2.80 support zone is still possible.

This zone is crucial for maintaining the bullish structure. Losing it could open the door for a deeper correction in the direction of the 200-day advancing average around $ 2.40. But as long as the price remains above the advanced averages, the wider trend Bullish remains.

The BTC pair

Looking at the XRP/BTC graph, the couple recently withdrawn after touching the 3000 SAT resistance, with the price currently around 2,600 SA.

This follows a clean outbreak above the long-term falling channel and a successful retest of its upper limit, which coincided with the 200-day advancing average and the 2,400 SAT support zone. This confluence remains an important bullish technical factor, because it can put on renewed purchasing pressure above above.

That said, RSI levels show around 48 that the momentum has cooled after the sharp July rally, which means that XRP can continue to vary between 2,400 SAT and 3,000 SA in the short term. A decisive closure above 3,000 Sat would probably open the path to the 3,400 SAT zone, while losing 2,400 Sat could move the bias back to 2,000 SAT support. For now, the structure is still in favor of the bulls as long as higher lows remain intact.