XRP/USD Daily Chart. Source: TradingView
Key Support Levels: $1.40, $1.25, $1.10.
Key Resistance Levels: $1.74, $1.98, $2.10.
XRP had surged higher in the final week of April after bouncing from $1.00 to reach $1.74 on the last day of the month. There, it found resistance at a bearish .786 Fib Retracement, which it couldn’t overcome.
In the first few days of May, XRP dropped each day until support was found at the 20-days MA yesterday, at around $1.40. The bulls defended this level and are attempting a rebound today as they pushed higher to $1.46.
Looking ahead, the first resistance lies at $1.74 (bearish .786 Fib). This is followed by $1.98 (April 2021 highs), $2.10 (1.618 Fib Extension), and $2.40 (1.272 Fib Extension – blue).
On the other side, the first support lies at $1.40 (20-days MA). This is followed by $1.25 (Feb 2018 highs), $1.10 (.5 Fib), and $1.00.
The RSI dipped beneath the midline yesterday but has since battled its way back above it with today’s rebound. This indicates indecision within the market as the bulls aren’t prepared to give up their control of the market momentum yet.
Key Support Levels: 2450 SAT, 2225 SAT, 2000 SAT.
Key Resistance Levels: 2877 SAT, 3000 SAT – 3058 SAT, 3360 SAT.
XRP reached resistance at 2877 SAT (bearish .618 Fib) at the start of May and could not overcome the resistance. The market had rebounded from 2000 SAT in the final week of April as it started to push higher until meeting the resistance at 2877 SAT.
As a result, it dropped lower over the past few days and even spiked into the 20-days MA at 2500 SAT yesterday. However, by the time the candle closed, the bulls pushed XRP back above 2600 SAT as they attempt to defend the level.
Looking ahead, if the bears break 2600 SAT, the first support lies at 2500 SAT (20-days MA). This is followed by 2400 SAT, 2225 SAT (.382 Fib), 2000 SAT (.5 Fib), and 1900 SAT (July 2020 lows).
On the other side, the first strong resistance lies at 2877 SAT (bearish .618 Fib). This is followed by 3058 SAT (April highs), 3200 SAT, and 3362 SAT (Feb 2020 Highs).
The RSI also recently rebounded from the midline today, which is a promising sign as the bulls are unwilling to relieve their control of the market momentum. A break beneath the midline is likely to cause the support at 2600 SAT to break and push XRP back down to 2000 SAT.
