In late March, Ripple saw a rejection after rallying by over 70% to test the January 2022 lows – marking a ten-month high. It slipped back into a supply zone with a 4% loss overnight, still on the verge of dropping.
XRP saw a bounce off $0.35 in mid-March, passed through several resistance levels, and soared to a multi-month high with a slight break above a crucial supply zone. Unfortunately, the rally stopped after failing to sustain momentum.
The price later retraced to a low of $0.48 on April 3. It struggled to recover from that low and tapped the $0.528 level yesterday.
But due to a slight retracement in Bitcoin’s price today, the price has dropped to a psychological level of $0.5 at press time. Although the price still trades in the crucial supply zone. But it might lose the zone if the price continues to decline.
A significant increase above yesterday’s high should bring the bulls back on track. From the look of things, the asset could retest January’s high as support to fuel a major rally.
It is important to note that XRP has formed a bullish pattern on the daily chart. A successful climb above the $0.6 resistance level will trigger a massive bullish rally. The price range for this rally would be $0.9 before deciding on where to head next.
The steady drop in the daily volume indicator shows that sellers are exiting positions on the spot. That could provide a selling opportunity on the futures trading.
XRP’s Key Level To Watch
The potential support levels to watch for a retracement lies at $0.466 and $0.433, marked as January high. A lower support level to consider is $0.4.
If XRP recovers above the $0.55 supply zone, an increase to the $0.586 resistance level would activate a quick rally to $0.65, $0.7 and $0.73 in no time.
Key Resistance Levels: $0.55, $0.586, $0.65
Key Support Levels: $0.466, $0.433, $0.40
- Spot Price: $0.5
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: wpack/123RF // Image Effects by Colorcinch
