Ripple halted correction above $0.40 last week, consolidated above that level for a week and bounced back with an astonishing 2% daily gains. It looks poise for a bigger price movement in the coming days.
In just a week, $2 billion was added to XRP’s market cap due to the recent price gains. The surge in volatility brought a 10% growth to its price in a week.
Last week, XRP pinned support at $0.41 after undergoing a deep correction for two weeks. It saw multiple rejections at that level and entered a consolidation phase, which lasted for a week before it starts to show signs of bullish.
This week, it took a U-turn and surged through immediate resistance levels. It reiterates actions today and pushed further to the high of $0.475. It retraced slightly from that high due to a small rejection.
Now that the bulls have stepped back into the market, we can expect more positive actions to play in the next few days. Though they may encounter tough resistance around the $0.55 level on their way up.
A successful push above that level would confirm a mid-term bullish rally of $1. Howbeit, XRP still need to conquer several close resistance levels before we can start to consider the mentioned rally.
Trading volume is flowing back into the asset on the spot trading. Buyers are increasing their size and positions in futures trading. More bullish sentiment is likely to follow this crypto as long as volume inflow is increasing by the day.
XRP’s Key Level To Watch
XRP seems to have encountered resistance on the hourly. If the price advance, the immediate resistance level to keep in mind is $0.485. Retaking that level should allow more rallies to $0.50 and $0.54 before it breakout for a mid-term rally.
In case of a drop, the $0.45 and $0.433 supports are levels to watch for a retracement. Other levels are located at $0.41 and $0.40.
Key Resistance Levels: $0.485, $0.50, $0.54
Key Support Levels: $0.45, $0.433, $0.40
- Spot Price: $0.46
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Photo by Kanchanara on Unsplash