While most altcoins took a downturn since last week, XRP had seen a substantial loss in the past hour as the price dips below the $0.6 level. More bleeding may occur if the volatility continues to drop.
In November, XRP traded as high as $0.75 after increasing by roughly 80% monthly. But due to an exhaustion in buying pressure, it initiated a drop and retraced to $0.57 after two weeks.
It held that level as support and bounced back. Surprisingly, the bulls failed to sustain momentum and the rally halted at $0.70.
This culminated into a selling opportunity; the bears took advantage of it and the price rolled back to a recent bounce level today. The bulls reacted to this level with a sharp rejection but are yet to find a strong foot.
The setup is getting uglier as the trend slowly changes – signalling a potential decline on the daily chart. The price looks weak due to a steady loss in the last 7 days. As of now, the price is on the verge of breaking down.
If XRP slips off the current trading level, the $0.5 area would be the next selling target to keep an eye on in the near term. But before then, it may face some tough support levels on the way down.
Whichever way, it is important to note that XRP is yet to get off the hook as it remains bearish from a long-term perspective.
XRP’s Key Level To Watch
In the meantime, the support levels to keep in mind for crackdowns are $0.55 and $0.50 before slipping to the $0.47 level – held as the October low.
Should the market show strength again with a rebound, XRP would need to reclaim the monthly rejected highs of $0.65 and $0.70 before retesting the $0.75 level for a breakup.
Key Resistance Levels: $0.65, $0.70, $0.75
Key Support Levels: $0.55, $0.50, $0.47
- Spot Price: $0.60
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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