#Ripple Bulls Find Resistance at $0.42, Drops 8%
Past Performance of Ripple
Ripple prices dropped from January and Q1 2023 highs on January 30. The coin is down eight percent from the liquidation level at around $0.42. Following yesterday's losses, XRP prices are back to the middle BB in a retest to the dynamic support. For the uptrend to remain valid, prices must hold steady above the $0.38 and $0.40 zone.
#Ripple Technical Analysis
Bears are, from a top-down preview, in charge, per the formation in the daily chart. The immediate support is $0.42, marking December 2022 highs.
If buyers are to be in control, there must be a sharp, high volume close above last week's highs. However, if buyers fail, there will be a double top, and yesterday's bearish engulfing bar may define the short term. XRP bears may force the coin to $0.36 and $0.34 in a retracement that may heap more pressure on buyers.
What to Expect from #XRP?
For XRP to retest H2 2022 highs at $0.55, the immediate liquidation line at $0.42 must be broken with expanding volumes. Failure might trigger a sharp sell-off, swinging price action back to bearish territory after welcomed gains from mid-January 2022.
Resistance level to watch out for: $0.42
Support level to watch out for: $0.38
Disclaimer: Opinions expressed are not investment advice. Do your research.
Ripple prices dropped from January and Q1 2023 highs on January 30. The coin is down eight percent from the liquidation level at around $0.42. Following yesterday's losses, XRP prices are back to the middle BB in a retest to the dynamic support. For the uptrend to remain valid, prices must hold steady above the $0.38 and $0.40 zone.
#Ripple Technical Analysis
Bears are, from a top-down preview, in charge, per the formation in the daily chart. The immediate support is $0.42, marking December 2022 highs.
If buyers are to be in control, there must be a sharp, high volume close above last week's highs. However, if buyers fail, there will be a double top, and yesterday's bearish engulfing bar may define the short term. XRP bears may force the coin to $0.36 and $0.34 in a retracement that may heap more pressure on buyers.
What to Expect from #XRP?
For XRP to retest H2 2022 highs at $0.55, the immediate liquidation line at $0.42 must be broken with expanding volumes. Failure might trigger a sharp sell-off, swinging price action back to bearish territory after welcomed gains from mid-January 2022.
Resistance level to watch out for: $0.42
Support level to watch out for: $0.38
Disclaimer: Opinions expressed are not investment advice. Do your research.
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