Unlike most top altcoins, XRP is still within a buying range after months of reduction. However, it has signalled a bearish move following a recent breakdown and is now looking set to release pressure amid rising supply.
XRP’s overall market structure is still considered bullish on a long-term scale. However, the landscape is changing fast as it continues to form a lower low and lower high pattern daily, signalling a new bearish phase.
Last week marked a crucial moment for the bears as they overcame the critical $2 level after months of rejections. Although they were unable to sustain the pressure for long due to exhaustion and the price bounced back sharply after locating temporary support above the $1.6 level.
Recovering above the mentioned critical level, XRP faced a rejection at $2.24 and lost grip again. That recovery came as a retest of the recent breakdown, and as we can see, it is currently facing down and looks weak on the day. A continuous drop there could cause a serious sell-off shortly.
Anticipating such a drop, the $0.6 level is considered the main target for a mid-term sell-off. Failure to hold above the $0.5 level could lead to a long-term bearish move. Currently, there’s no room for the bulls. Even if they manage to step back, they must push above $3 before we can start to consider a new rally.
XRP’s Key Level To Watch
Source: Tradingview
The bears are currently eyeing the $2 level, along with $1.77. If they retake the monthly low, they may face a close support at $.53 before tapping the $1.28 level. Right below this level lies the key $1 level.
In case of an increase, the bulls must reclaim the recently marked $2.24 resistance before pushing to the $2.64 and $2.99 levels. But as it stands, the bulls are off the market.
Key Resistance Levels: $2.24, $2.64, $2.99
Key Support Levels: $1.77, $1.53, $1.28
- Spot Price: $2.07
- Trend: Bearish
- Volatility: High
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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