Ripple regains momentum after it found support above the $0.3 level in the past month. But the coin now appeared to be losing momentum as the price approached a crucial support area. The price may revisit the $0.363 level if the bears continue to gain control of the market.
In September, the price of XRP significantly increased by almost 50% in 2 weeks following the positive news on the long SEC case. After it touched $0.55, the price was rejected and started to decline. This led to a serious loss as the cryptocurrency continued to look for holding support.
From a technical standpoint, XRP is considered bearish on the daily time frame. But fundamentally, it is expected to record a massive gain in the future. The price is currently changing hands at $0.447 price levels after losing 2% in a day.
As the bears take control of the market, we can expect the price to keep dropping until it finds solid support for a fresh increase. We can see on the chart that the daily volume is decreasing to show strong sell pressure in the market.
However, considering the September breakout, we can expect a bullish continuation after the ongoing retracement. This retracement might last for a while before we can see a nice rally again. As of now, XRP is looking for a key rebound level.
Ripple Price Analysis (XRPUSDT) – Daily Chart
If the bulls fail to defend the $0.43 support level, the next major support to watch is the crucial breakout point of the $0.4 level, marked grey on the daily chart. If this above support fails to provide a rebound, the next target would be the $0.363 support level.
There’s currently no sign of the bulls in the market. But if they show up, the closest resistance is located at the $0.5 level. Above this resistance lies the $0.55 and $0.6 levels, respectively.
Key Resistance Levels: $0.5, $0.55, $0.6
Key Support Levels: $0.43, $0.4, $0.363
Spot Price: $0.447
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.
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Image Source: Kanchanara on Unsplash // Image Effects by Colorcinch
