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Ripple finally managed to break above $0.45

Bullish Sign in Ripple (XRP), Avalanche (AVAX) As They Keep Knocking on Resistance

Posted Wednesday, March 30, 2022 by
Skerdian Meta • 2 min read

Gold has been showing resilience in 2023, opening around $1,800 and continuing higher, where it formed a support zone, which held throughout the year. Buyers have been in control during most of the year and they broke above the all-time high at $2,075 in the first week of December, but the price retreated lower below $1,900 again, however buyers have stepped in and now they are threatening the previous resistance for a second time.We have seen a few technical setbacks in Gold this year. However, XAU/USD has now risen to sit higher, recovering from around $1,974 after finding support at the 50 SMA (yellow) on the daily chart. The price bounced off that moving average and now the 20 SMA (gray) has turned into support for Gold, indicating that the buying pressure remains strong.Gold Daily Chart – Can Buyers Push Above the Resistance? Smaller MAs are now turning into support for XAUHowever, the important resistance zone from the 2,020 high at around $2,075 remains on the daily, weekly, and monthly charts, and it is the critical level to watch heading into next year. The break above this level early this month came as a bit of a fluke, as the price spiked higher on geopolitical news. So, this time buyers don't have the same stamina as back then. So, Gold remains in demand as the economic and political uncertainties remain high across the globe. January is the best month for XAU though. But the rally since November also comes on the back of a weaker USD, while bond yields have been retreating lower, which is a key driver for [[Gold]] in particular. The market is stepping up pricing for central bank rate cuts in 2024 which has been pulling the USD lower and pushing Gold prices higher. But, buyers will have to push above $2,075 first to keep the bullish momentum going, so one step at a time.Gold Live Chart [[Gold-graph]]

Cryptocurrencies were feeling bearish for several months since they reversed lower in November, but they might have left behind the bearish period now and have been making gains for around three weeks now. Avalanche (AVAX) and Ripple (XRP) have increased around 80% from January’s lows, but they are both facing major resistance indicators above, which will be the real test for them. If these coins move above these resistance zones, then they will have resumed the uptrend and be considered bullish again.

Ripple Daily Chart – The 200 SMA Holds As Resistance

The other MAs have turned into support for Ripple coin

Ripple has been bearish since May last year, printing lower highs as the lawsuit from SEC (Securities and Exchange Commission) kept investors on the sidelines, waiting to see how it would end up. After more than a year, it seems that the lawsuit is heading in the right direction and might be closed with a settlement. So, XRP has been bearish and in January it declined to $0.55 but at the beginning of February we saw a jump which took the price above $0.90 and since then the pressure has been to the upside for this cryptocurrency.

Ripple bought back $15 billion of its Series C funding last month, which suggests they are confident that the lawsuit will end with a positive outcome, hence the bullish momentum in XRP/USD. But, the zone above $0.90 stopped the jump last month and now XRP is finding it hard to push above this level, while the 200 SMA (purple) is also acting as resistance now, so we will see if XRP can keep the momentum and push above $1.

Avalanche Daily Chart – AVAX Sticking at Resistance Below $100

AVAX will likely break above the resistance soon

Avalanche was showing resilience last year as it continued to move higher until the end of November, while the crypto market was retreating, but in December the bearish sentiment caught up with Avax and reversed it lower. AVAX/USD declined to $54, from below $150, with moving averages providing support.

Although the 200 SMA daily (purple) was the one to hold the decline and this cryptocurrency jumped off that moving average. Although, the zone just below $100 has been rejecting buyers but they continue to return to this level, so it seems like they will soon push above the $100 resistance zone.