After the 18% daily collapse, here are the important levels for XRP

                                                            Gestern markiert einer von Ripple's größte rote Kerzen im Jahr 2022. Bären konnten den Preis um 18 % nach unten drücken und dem Markt mehr Angst einjagen.

Technical Analysis

By Grizzly

The daily chart

After XRP ended in the range between $0.55 and $0.65 last week, the price saw a sharp decline on the daily timeframe and reached $0.47. Considering the historical trend, the price has surged after hitting the dynamic support (in green). If the bulls want to push the price towards the top of the wedge (in red), the main challenge would be the Resistance between $0.7 and $0.75 (in blue).

Ripple appears to have a challenging path to reach this level as it must first return to last week’s sideways band. Given the current fear in the market, investors are more likely to view price gains as exit opportunities. This means that volatility should also be very high.

Key support levels: $0.47 & $0.40
Important resistance levels: $0.55 and $0.65

Moving Averages:
MA20: $0.62
MA50: $0.72
MA100: $0.74
MA200: $0.83
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The 4 hour chart

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On the 4-hour timeframe, XRP is moving down in a descending channel. Currently the bottom of the channel is acting well as a support. The price is likely to be able to move into the blue zone, where the horizontal resistance and the top of the channel intersect. A reversal signal can be confirmed after forming a higher high near $0.65.