A very disheartening week in the crypto market has come to a close. Ripple saw its second-worst weekly candle since May and dropped more than a third of its market value over the last week.
The Daily Chart
On the daily chart, the negative momentum slowed marginally as the asset approached the support zone in the $0.3 to $0.33 region (in green). However, this cannot be considered the end of the downward spiral.
After 50 days, XRP hit the descending line (in yellow), which now serves as support. If the pair closes below this level, the price is anticipated to fall to around $0.24- something it has not seen since January 2021. Until the price can reclaim resistance at $0.42 (in red), it is premature to talk about the end of the downtrend.
A break and close below $0.30 would likely be accompanied by heightened selling pressure. In this circumstance, a prolonged bear market becomes very likely.
The XRP/BTC Chart
Against Bitcoin, the chart clearly shows a bearish pattern. The pair breached the horizontal level at 2200 SATs (in yellow), resulting in lower highs and lower lows.
The 100-day moving average (in white) is currently functioning as support, preventing additional dips. However, there is no evidence of the downward trend slowing.
If the price continues to fall, the next level of support will be around 1800 SATs, which coincides with the 200-day moving average (in green).
Key Support Levels: 2000 SATS, 1800 SATs
Key Resistance Levels: 2200 SATs, 2500 SATs
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.