XRP - USDT on 1D interval Resistance and Support
Hello everyone, I invite you to review the chart of XRP in pair to USDT, on a one-day timeframe. First, we will use the blue line to mark the downtrend from which the price has gone up, while locally, we can use the yellow lines to mark the downtrend channel that has not been broken at the moment.
Moving on, we can move on to marking support areas when we start a larger correction. And here, the first support is at $0.38, the second support is at $0.36, and then we have a strong support zone from $0.35 to $0.33.
Looking the other way, we see that the price has hit an important resistance zone from $0.40 to $0.43, which it failed to break. However, if it manages to exit the descending channel upwards and break through the resistance zone, the next resistance will appear at the price of $0.46, and then at the price of $0.50.
Please look at the CHOP index which indicates we still have a lot of energy for the next move, MACD indicates that we are in a downtrend, while the RSI could see a small increase but we are still staying at the lower part of the range.
Moving on, we can move on to marking support areas when we start a larger correction. And here, the first support is at $0.38, the second support is at $0.36, and then we have a strong support zone from $0.35 to $0.33.
Looking the other way, we see that the price has hit an important resistance zone from $0.40 to $0.43, which it failed to break. However, if it manages to exit the descending channel upwards and break through the resistance zone, the next resistance will appear at the price of $0.46, and then at the price of $0.50.
Please look at the CHOP index which indicates we still have a lot of energy for the next move, MACD indicates that we are in a downtrend, while the RSI could see a small increase but we are still staying at the lower part of the range.
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