XRP found support and resumed positive actions following a steady two-month drop. Since then, it has seen almost 20% recovery and has shown no sign of stopping the rally anytime soon. The buyers are back!
For the past few weeks, the price of XRP has been on the rise following a bounce off the $0.41 level in early May. After gaining momentum for some days, the $0.48 level posed a threat to the buyers, and the price pulled back into last week.
It later initiated another buy from $0.44 and rallied to $0.53 where it encountered rejections on Tuesday. The price dropped slightly from there, but the $0.50 level held strong and provided support for the market.
Having posted a lot of gains since then, it appeared to have reversed the trend on the daily chart as it looks to tap more highs in the coming days. The bulls are currently in control but they need to push above the March’s resistance level to confirm the most-anticipated bull run.
Just like what we saw in the past weeks, XRP may look for a strong support level to foot another positive action above Tuesday’s rejection level. Otherwise, the price may continue to increase by the day or even roll lower to the ascending trendline for support.
If, by any chance the price breaks below this trendline, XRP is likely to revisit $0.3 before it picks up again. As of now, the trend is currently bullish on the daily chart.
XRP’s Key Level To Watch
A pullback below the holding $0.50 level could bring the price to a close level at $0.485, followed by $0.45. There’s also a support level at $0.433 in case of more dips.
Above the weekly high, there’s a key resistance level at $0.54. After that, the next level to watch is $0.585 and $0.6 after breaking out.
Key Resistance Levels: $0.54, $0.585, $0.6
Key Support Levels: $0.485, $0.45, $0.433
- Spot Price: $0.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Image Source: artmagination/123RF // Image Effects by Colorcinch
