Despite Dropping in Price, XRP Still Looks Promising (Compared to BTC)

The Daily Chart

On daily chart, XRP plunged 13% from the monthly high of $0.386. This drop pulled the pair to slide below the 20-day, 50-day and 100-day moving average lines.

These lines are around the $0.36 level and have now become an important resistance zone (red). Additionally, the horizontal resistance level at $0.4 also marks an important supply zone in case of breakout.

Furthermore, a break above $0.4 would signal a strong recovery. In such case, the price can rally to the 200-day SMA (white), which is currently at $0.53. Considering the current bearish sentiment, this scenario is unlikely to happen. 

On the other hand, according to the bearish structure formed in the lower time frame, the bears are likely to push the price down to the critical support zone at $0.3.

To summarize, two levels to watch out for at the moment are $0.4 and $0.3.

• Key Support Levels: $0.30 & $0.17
• Key Resistances: $0.40 & $0.50

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Moving average lines can provide resistance to the price:

• MA 20: $ 0,36
• MA50: $ 0,36
• MA 100: $ 0,36
• MA200: $ 0,53

XRP/BTC chart

In the XRP/BTC chart, the bulls still dominate the market to a certain extent. They pushed prices 10% higher in two weeks. This caused the pair to break out above the 200-day MA (white) and close two daily candles above it.

However, the resistance zone compounded by the horizontal resistance zone and the descending resistance line (yellow) at 1700-1800 SAT (red), is likely to reject any attempt by the bulls for the next few days. 

• Key Support Levels: 1500 SAT & 1370 SAT
• Key Resistance Levels: 1700 SAT & 2100 SAT

(Reference: Cryptopotato)

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.