LINK/BTC Daily Chart. Source: TradingView
Key Support Levels: $0.295, $0.29, $0.286.
Key Resistance Levels: $0.3, $0.31, $0.321.
XRP penetrated above a symmetrical triangle last week as it started to climb higher again slowly. The coin penetrated above resistance at $0.261 and pushed higher into the $0.271 level (bearish .618 Fib). The coin stalled here for a couple of days but managed to surpass it yesterday as it surged toward $0.29.
Today, XRP continued higher as it broke the resistance at $0.295 (bearish .886 Fib) to penetrate above $0.3 and spike as high as $0.31. The coin has since dropped slightly and is trading around the crucial resistance of $0.30 (1.618 Fib extension).
Looking ahead, if the buyers continue to push above $0.3, the first level of resistance lies at $0.31. Above this, resistance lies at $0.321 (long term bearish .886 Fib), $0.331, and $0.337. This is followed by $0.35, which is the 2020 high.
On the other side, the first level of support lies at $0.295. This is followed by support at $0.29, $0.286, and $0.276 (.382 Fib).
Both the RSI and Stochastic RSI are extremely overbought, which suggests the buyers might be a little overextended.
Key Support Levels: 1755 SAT, 1700 SAT, 1650 SAT.
Key Resistance Levels: 1865 SAT, 1900 SAT, 1955 SAT.
Against Bitcoin, XRP started a long road to recovery after it managed to push back above the 1700 SAT level yesterday. Today, XRP continued higher to break the resistance at 1755 SAT (bearish .236 Fib Retracement) and spiked as high as 1800 SAT.
It is still quite some distance from being considered bullish, but the recent rebound is promising.
Looking ahead, if the buyers continue to drive higher, the first level of resistance lies at 1865 SAT (bearish .382 Fib). Above this, resistance lies at 1900 SAT (July 20’ lows), 1955 SAT (bearish .5 Fib), and 2000 SAT.
On the other side, if the sellers push lower, the first level of support lies at 1755 SAT. Beneath this, support lies at 1700 SAT, 1650 SAT, and 1600 SAT.
The RSI is pushing higher from the mid-line to indicate that the buying momentum is increasing.
