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Seven weeks later, XRP managed to climb back above $0.4, but the bears were quick to push the price back below. For the bullish structure to remain valid, the bulls must not sink the price below $0.33.

technical analysis

go through Grizzly

daily chart

The bullish structure formed by higher highs and higher lows can be seen in the chart below. Late last week, the bulls made a third attempt to break the resistance zone (yellow) in the $0.37-$0.39 range. This pushed the price towards the 100-day moving average (white), although it did not meet or exceed it.

The bears defended this level, leading to a false breakout on the chart. The pair is currently trading below the resistance zone and the MA100 is approaching this level.

The bullish structure will be stronger if the bulls can push XRP above $0.41. A breakout and close above this resistance will mark the start of a rally targeting $0.5. By contrast, the bullish structure will be invalidated if buyers fail to prevent a recent move below $0.33.

Key Support Levels: $0.33 and $0.30
Key Resistance Levels: $0.39 and $0.41

daily moving average
MA20: $0.36
MA50: $0.34
MA100: $0.40
MA200: $0.57

xrp_price_chart_0608
Source: TradingView

XRP/BTC Chart

Relative to BTC, the cryptocurrency fluctuates between the downside 100-day moving average (yellow) and the upside 200-day moving average (white). This caused the price to fluctuate between two support and resistance areas, from 1500 SAT (green) to 1700 SAT (red). No major move is expected until the price breaks out of this tight range.

Key Support Levels: 1500 SAT and 1370 SAT
Key Resistance Levels: 1700 SAT and 2100 SAT

xrp_price_chart_0608
Source: TradingView
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