Ripple saw a notable increase throughout last week as it recovered from a multi-low. It later encountered resistance last weekend and is now on the verge of losing momentum with a 2% daily loss.
XRP appeared weak today due to a slight loss in the past 24 hours. Before now, the cryptocurrency was posting substantial gains after bouncing off the $0.41 level in the past week.
It initially faced rejection at $0.48 last week, followed by another one at $0.47 yesterday. These price levels have formed as key supply zone in the lower time frame. This zone could flip easily if the price continues to increase in the higher time frame.
If that fails to happen, XRP could retrace lower before it picks up again, as the bulls are still in control of the lower time frame. But if the price falls below the previous rebound level, XRP may extend selling pressure below the $0.4 level before it finds solid ground.
Last week’s rejection level remains a vital resistance to a breakup. Pushing through that level should validate a continuation of the recent positive actions.
Technically, the latest price reduction is triggered by a sudden drop in Bitcoin’s price, losing the $27k level overnight. More crackdowns may later surface if the primary cryptocurrency fails to recover. XRP is currently gaining traction against its BTC pair.
XRP’s Key Level To Watch
While XRP faces downward today, the closest retest level to keep in mind is $0.45 and $0.43. Supports to watch below the ascending trendline are $0.40 and $0.38
If the crypto pushes through the immediate resistance level, the next resistance levels to keep in mind are $0.485 and $0.50. There’s also resistance at $0.54 if the price increases.
Key Resistance Levels: $0.485, $0.50, $0.54
Key Support Levels: $0.45, $0.433, $0.40
- Spot Price: $0.453
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Image Source: fellowneko/123RF // Image Effects by Colorcinch