XRP came to a zone that last time worked as resistance
And also worked as support at the beginning of 2022 and in the middle of 2021
We see that the price has broken through 50 daily MA, but
if you look at how we close the day ,with a big shadow, we can assume that in this zone there will be a buyer's interest that will keep the price
We also see climactic volumes at the end of this drop on the 4H timeframe
To confirm a positive scenario and a good price bounce, we need a return back above 50MA
And will be even better, above the last descending high (0.666)
In this case, the price has all chances to go back to the zone 0.85 -0.94
The nature of the price growth to this zone (strong growth or weak growth) will show how likely it is to see another impulse soon (at least to the zone 1.3-1.4)
It is very important for the price not to fall below the 0.55-0.58 zone
And everything above this can be considered a range-accumulation before the next impulse.
Ideal if the price will accumulate above 0.7
And also worked as support at the beginning of 2022 and in the middle of 2021
We see that the price has broken through 50 daily MA, but
if you look at how we close the day ,with a big shadow, we can assume that in this zone there will be a buyer's interest that will keep the price
We also see climactic volumes at the end of this drop on the 4H timeframe
To confirm a positive scenario and a good price bounce, we need a return back above 50MA
And will be even better, above the last descending high (0.666)
In this case, the price has all chances to go back to the zone 0.85 -0.94
The nature of the price growth to this zone (strong growth or weak growth) will show how likely it is to see another impulse soon (at least to the zone 1.3-1.4)
It is very important for the price not to fall below the 0.55-0.58 zone
And everything above this can be considered a range-accumulation before the next impulse.
Ideal if the price will accumulate above 0.7
Comment:
the price failed to return above the 50MA and broke through the support zone