Ripple’s price has gone through increased volatility over the last 24 hours, experiencing fluctuations of around 15% in a matter of hours. Yet, there might be more of it en route.
On the daily timeframe, it is evident that the price has dropped towards and rebounded from $0.3 rapidly, as demonstrated by the considerable wick to the downside. The initial decline has been in play since the price was rejected from the 200-day and 50-day moving averages on multiple occasions.
However, the $0.3 support level that previously held the price from crashing further has done so successfully again, pushing the cryptocurrency to the upside.
Currently, the 50-day and 200-day moving averages remain significant dynamic resistance levels around the $0.37 and $0.39 marks, respectively, with the $0.42 area being the critical resistance zone for the price to break for a rally in the short term. On the other hand, a breakdown of the $0.3 level would be catastrophic, as no recent support is available beyond it to turn things around.Source: TradingView
Against Bitcoin, XRP’s price has gone through similar volatility today, testing the 0.000018 SAT support level and instantly exploding back up. Still, the price remains trapped between the 50-day and 200-day moving averages, trending around the 0.000022 SAT and 0.000022 SAT levels, respectively.
While the price has seemingly climbed back above the 200-day moving average earlier today, it could be targeting the 50-day one located near the significant 0.000022 SAT static resistance level.
In case of a breakout above this area, a rally and breakout above the higher boundary of the large bearish flag could be expected, leading to a potential bullish trend in the near future. Conversely, a drop below the 200-day moving average would make a decline toward the 0.000018 SAT, and even the 0.000015 SAT support levels probable. However, considering the current market structure, the bullish scenario seems more reliable.Source: TradingView
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Cryptocurrency charts by TradingView.