Today looks a bit calm for Ripple XRP after experiencing serious bleeding since the start of the week. It saw a rejection and now holds temporarily above a key level. The price is currently facing minor resistance.
Last month saw XRP through the end of a bullish phase after rallying 50% to $0.744 in six weeks. Dropping off the price level in March, it tested a low of $0.57 and managed to recover for a week.
Failing to push through the $0.66 level during the recovery phase, it fell briefly and ended that month in a brief consolidation mode.
Starting this month bearishly, which caused a serious price reduction, XRP posted losses and slipped to $0.56. That reduction brought the crypto back to its lowest level after five weeks of trading.
Although, it temporarily suspended selling as it holds above price level as support. Following a slight bounce off this support, the price is now trapped under a minor $0.58 resistance that flipped as support during yesterday’s surge.
Increasing above this resistance could bring a small recovery to the weekly loss. The $0.60 level could be revisited as sub-resistance before resuming selling pressure.
Extending this dip could drag the price back to February’s low before footing a fresh increase. A break below it could trigger more pain for the bulls.
XRP’s Key Level To Watch
The closest major resistance for an increase lies at $0.624, followed by $0.668. Higher resistance levels for buying would be $0.70 and $0.75.
For more drops, XRP’s immediate support is located at $0.54. The next level to watch below this support is $0.50 – the February low. There’s also support at $0.47.
Key Resistance Levels: $0.58, $0.624, $0.668
Key Support Levels: $0.54, $0.50, $0.47
- Spot Price: $0.575
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: promesaartstudio/123RF // Image Effects by Colorcinch