As the market stages recovery this week, XRP’s price remained relatively calm due to recent choppy price actions. While the asset remains under correction, the price looks weak following an 8% drop in 7 days.
Unlike many top altcoins, XRP has not seen much change since last week because of low trading volatility. The price currently looks indecisive on the daily chart as it continues to stay in a retracement phase.
This phase, which came after testing the $2.9 level earlier this month, is still considered minor compared to what ETH, BNB and SOL experienced during the last leg down. These altcoins have provided a notable discount and are now looking set for major recovery from a technical standpoint.
The minor retracement suggests a strong conviction for a bigger rally amongst the long-term buyers (whales) as they reaccumulate while the weak hands sell off positions.
Once the reaccumulation ends, we can expect a sudden price movement above the falling resistance line that prevented the bulls since the start of the month. This could catch many traders unaware as they FOMO along.
A dump in the price could provide a bigger discount for a long-term buy. Though, trading may look uninteresting for some days, but the market structure is still considered bullish on the daily chart.
While the overall market may enter an anaemic state as the year runs to an end, XRP remains the fourth-largest cryptocurrency by market cap since it occupied that spot last month.
XRP’s Key Level To Watch
Source: Tradingview
Taking advantage of the latest recovery, XRP may reclaim $2.5 before flipping the resistance line to $2.7. The main resistance for a such move is $2.9, followed by a break to the all-time high of $3.3.
For a broader retracement move, the price must fall below the holding $1.9 support before testing a lower support of $1.63 and $1.28.
Key Resistance Levels: $2.7, $2.9, $3.3
Key Support Levels: $1.9, $1.63, $1.28
- Spot Price: $2.29
- Trend: Bullish
- Volatility: Moderate
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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