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The price of Ripple is showing that it has a rebound potential because, according to the daily chart, it has tested on three occasions the support of the 200 EMA located at 0.8780. From this point, we notice that it is now rebounding and could recover part of its losses until reaching the level of the SMA of 21 located at 1.1069.
The decline of XRP intensified after the break around 1.08 and the symmetrical triangle pattern that formed after the fall of September 7. In our previous articles, we explained that this level had a bearish potential. The forecast has come true and the price reached our target.
Given that the 200 EMA has become very strong support, we believe that as long as the price remains above this level, it will be a good opportunity to buy XRP with targets at 1.1069.
As long as the price of XRP remains below the SMA of 21, any attempt or a technical bounce that approaches this level will be considered an opportunity to sell. Only a consolidation above 1.1069 will mean the resumption of the main uptrend.
In the coming days, a consolidation between the price range of 0.87 - 1.10 may occur. Therefore, we must look for opportunities to sell if the price approaches the resistance levels of the SMA of 21. Alternatively, we may buy Ripple if it remains above the EMA of 200.
Support and Resistance Levels for September 22 - 23, 2021
Resistance (3) 1,0165
Resistance (2) 0,9700
Resistance (1) 0,9327
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Support (1) 0,8983
Support (2) 0,8403
Support (3) 0,8059
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Trading tip for Ripple for September 22 - 23, 2021
Buy if XRP rebounds above 0,8780 (EMA 200) or buy above 0,9220 with take profit at 0,9766 and 1,1069 (SMA 21), stop loss below 0,8300.
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