XRP (XRP) is showing bullish signs above a crucial horizontal support area and could soon initiate an upward movement towards the closest resistance.
XRP has been declining since hitting a high of $1.96 on April 14. So far, it has decreased by 62%.
However, it is possible that the token reversed its bearish trend after reaching a low of $0.50 on June 22 (green circle). The ensuing bounce led to an upward movement that continued for 76 days and had a magnitude of 176%.
As XRP has since fallen, it has bounced off the $0.72 horizontal zone (green icons) twice, each time creating long wicks lower.
Therefore, as long as the token is trading above this level, the possibility that the structure is still bullish remains intact.
future movement
A look at the technical indicators in the daily timeframe offers a bullish outlook. This is most noticeable by the considerable bullish divergence that has developed in both the RSI and MACD (green lines). It is a bullish sign that very often precedes significant bullish movements.
Currently, XRP is following a descending resistance line. If the divergences play out and the token breaks out from this line, the closest resistance levels would be at $1 and $1.30, respectively. These are both horizontal resistance levels.
XRP/BTC
Trader @BTC_y_tho tweeted an XRP/BTC chart, indicating that the token is approaching an all-time low level of volatility.
The XRP/BTC chart shows that the token has already broken out from a descending resistance line. Despite the lack of an upward movement, it has been steadily consolidating above the 1700 satoshi support area, hence the decrease in volatility.
If an upward move occurs, the nearest resistance area would be at 2800 satoshis.
