XRP found itself in an epic roller coaster in the last week of the trade. The coin managed to enter a symmetrical triangle towards the end of January as it moved its price to $ 0.5 after its rise.
Ripple broke a record on February 1
On February 1, XRP rose to $ 0.77. However, at the end of the day, it dropped 52% and was dizzy to close the candle at around $ 0.37.
Over the past two days, the bulls have struggled to keep support at $ 0.37.
Looking ahead, the first level of strong resistance is $ 0.4. This is followed by resistance at $ 0.45, 0.5 and $ 0.455 (2019 Summit).
On the other hand, initial support lies at $ 0.37. This is followed by 0.35 (February 2020 high), 0.319 (0.786 Fib and 200-day EMA) and $ 0.3.
RSI favor bullish
The RSI remains in the bullish favor as it sits slightly above the midline. To return above $ 0.5, the RSI has to start rising, indicating bullish momentum is increasing.
Key Support Levels: $ 0.27, $ 0.35, $ 0.319
Key Resistance Levels: $ 0.4, $ 0.45, $ 0.5