Ripple’s XRP is still stuck in a range as volatility has remained low over the past weeks. A massive price movement could play out as soon as the price breaks away from this tight range. The VR Soldier last reported on XRP in September, when the SEC case developments heavily influenced the cost of the crypto asset.
After the recent overall market crash, XRP continued to move sideways for two weeks as it traded between the low of $0.32 and the high of $0.406. The price movement between this range reveals a volatility squeeze, which technically suggests a potential breakout.
The asset is trading around its high range as it attempts to break out due to the latest 4.5% surge in under 24 hours. If Bitcoin climbs above the $17000 level, we can expect a significant breakout for XRP. Meanwhile, a rejection could trigger a sell action to the low range.
But if the price of Bitcoin continues to hover around the $16000 level, XRP could remain in the tight range. No significant price movement will happen until a breakout occurs.
As spotted on the 4 hours chart, XRP’s volume indicator is decreasing by the day, suggesting a decreasing buying volume in the market. The price action is under a low volatility condition.
However, if the price drops to the low range level, a break below it would set another bearish tone in the market from a short-term perspective. The reverse could be the case if the price breaks above the high range level. For now, the trend remains neutral – bearish on the 4 hours chart.
Ripple Price Analysis (XRPUSDT): 4-Hour Chart
From a technical standpoint, the setups appeared to follow a bearish sentiment than a bullish one. In this case, the support to keep in mind after a breakdown is $0.3. The support level to pay attention below this level is $0.27 if selling pressure becomes heavy.
Should the price break upward, the next resistance level to look out for is $0.44, followed by $0.487. An increase above these resistance levels would give more room for buying toward $0.5.
Key Resistance Levels: $0.4065, $0.44, $0.487
Key Support Levels: $0.32, $0.3, $0.27
- Spot Price: $0.39
- Trend: Neutral – Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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