Ripple recently took a downturn after failing to sustain buying pressure above a key supply zone. It fell off that zone and initiated more sell actions. This led to a retest of late March’s breakout. A rebound is likely.
The much-anticipated move has finally come into play following a recent price depreciation, which totals a 10% cut in a week. However, it has recovered a little but not enough to signal a buy yet.
While the bears appeared to have exhausted momentum, the bulls are still looking for a discount. Their expected entry-level lies around the $0.4 level. This level may become unrealistic if the bears fail to pull the price lower.
Even though the price gains recovery in the next few days, XRP will have to face some hurdles on the way up before it can reclaim the key resistance level of $0.6. A successful increase above that level would validate a break of structure for a mid-term rally.
And if recovery fails to occur, the price could remain calm or continue to plunge until it finds base support. The price will have to plunge below the $0.30 level before we can consider a mid-term shift in trend.
But for now, the bears are in control from a short-term perspective. We can see that the daily volume indicator is on the low. A steady increase in buying volume should start to bring positive action in the market.
XRP’s Key Level To Watch
XRP climbed briefly above the $0.465 level today. If the price pushes higher, the level to keep in mind for a retest is $0.5. Above this level lies the important supply zone of $0.55 and $0.586.
The support levels to watch for more drops are $0.433 and $0.40. If those supports fail to contain selling pressure, the next level to keep in mind is $0.37.
Key Resistance Levels: $0.5, $0.55, $0.586
Key Support Levels: $0.433, $0.40, $0.37
- Spot Price: $0.47
- 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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