Following March’s breakout, which skyrocketed the price to a multi-high, Ripple halted bullish and dropped to a six-week low of $0.41 this week. It consolidated above that low with no signs of a bullish reversal.
Amid this week’s meltdown, XRP remains calm after finding support at $0.41. During that period, the price spiked and retested $0.44. It fell sharply and remained indecisive.
This calmness comes after dropping off from 0.47 last weekend. Right now, XRP is negotiating for the next price movement.
If you look at the setup on the daily chart, the bearish correction is almost over, reaching an exhaustion point. We can see that the bearish impulsive move is fading out.
However, if the price drops again, it is likely to face support on the ascending trend line forming since last December. The $0.40 level, which coincides with the ascending trend line, also remains a vital support to keep in mind for a rebound.
And if the price slips below this trend line, the cryptocurrency may navigate March’s low for support. Failure to hold at the mentioned low could result in a more decline. As of now, XRP is still in a downward spiral, with a 2% low in a week.
XRP’s Key Level To Watch
Should the price further dip, there’s a close support level at $0.40. The potential level to watch for more cracks is $0.37, followed by the $0.35 support level established in March.
Considering a solid rebound above this week’s low, there’s a need to first reclaim the close $0.433 and $0.45 resistance levels. After that, the next area of interest for buying would be the $0.485 and $0.5 resistance levels.
Key Resistance Levels: $0.433, $0.45, $0.485
Key Support Levels: $0.40, $0.37, $0.35
- Spot Price: $0.42
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: Photo by Dmitry Demidko on Unsplash // Image Effects by Colorcinch
