Despite the market decline, XRP is holding above the key support and a bullish signal is appearing
XRP is showing bullish signs above a key horizontal support area and it could soon start an upward move towards the next resistance.
Critical Support Zone
XRP has been falling since it peaked at $1.96 on April 14th. So far, it’s down 62%.
However, the token may have reversed its downtrend after hitting a low of $0.5 on June 22 (green circle). The subsequent recovery resulted in a 76-day bullish move of magnitude 176%.
Although XRP has fallen since then, the price has bounced off the $0.72 horizontal zone (green icon) twice, creating long wicks below each.
Therefore, as long as the token trades above this level, the bullish structure remains intact.
A look at the technical indicators for the intraday offers a bullish outlook. This is particularly evident from the significant bullish divergence that has formed on both the RSI and MACD (green line). This is a bullish sign that often precedes significant upside moves.
XRP is currently moving along a descending resistance line. If the divergence is confirmed and the token crosses this line, the next resistances are $1 and $1.30. These are both horizontal resistance levels.
Trader @BTC_y_tho tweeted an BTC chart and explained that the token has reached historically low volatility.
The source: Twitter
The XRP/BTC chart shows that the pair broke the descending resistance line. Although not trending up, it has consolidated above the 1700 Satoshi support area, hence the bearish volatility.
If there is an upward move, the next resistance is at 2800 satoshis.
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