As the global market cap decreases this week, XRP turns slightly bearish after tapping $0.63. It has seen a 10% loss but is still charging for more drops. This may lead to a huge fallout if the bulls fail to intercept.
Since the price dropped from the $0.66 level in July, XRP has found it difficult to advance higher due to multiple rejections. This level, an obstacle for the bulls in the past weeks, is now marked as a critical resistance. The daily chart shows that the price is now in the fall.
Having lost some chunks of a cent in the last 48 hours, the bears are now charging to revisit weekly support at $0.55. This latest drop may trigger another major crash if the supply becomes heavy.
A strong reaction from the bulls’ side could counter the latest drop, but looking at the daily chart, they appeared off the market at the moment. While things might appear a bit slow at the moment, we can expect a bigger drop when the bears mount pressure.
From a technical standpoint, the price is still within a bullish zone from a short-term perspective. A bounce at the mentioned weekly support should bring the bulls back on track with a massive surge in volatility.
XRP’s Key Level To Watch
This week, $0.545 and $0.489 are support levels to keep in mind for a test. If the price dips below this price support, $0.432 would be the next low to watch before deciding whether to break or bounce.
While a lot of highs have been rejected in the past weeks, the $0.64 level is now held as resistance. A clear break above this resistance could rally us to $0.7 and $0.744.
Key Resistance Levels: $0.64, $0.7, $0.744
Key Support Levels: $0.545, $0.489, $0.432
- Spot Price: $0.586
- 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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