Ripple’s price recently broke out of a key resistance line after witnessing a steady increase over the past two weeks. It has encountered resistance and now aims for a retest before resuming buying.
Last month saw XRP through an end of a three-month bearish correction after losing about 30% of its valuation. This reset the market back to the local bottom before it rebounded with a slight rejection.
Due to low buying volume, it started this month a bit sluggish but later showed signs of strength with a break out of a descending resistance line, which suppressed buying pressure for three months.
Looking at the recent price actions, XRP is technically gathering liquidity on the higher timeframe. The recent weekly breakout signals a potential surge in volatility, which is likely to play out in the upcoming weeks.
Moreso, the latest build up is likely to end as a complete double-bottom (bullish) pattern on the daily chart, bringing a full recovery in the market. In this case, the $0.75 level is the crucial resistance to watch for a mid-term breakout.
Right now, it aims at retesting the recent broken resistance line as support before taking off at full speed. A dip below last month’s low may result to a devastating price drop.
XRP Key Level To Watch
The latest price rejection has triggered a slight pullback towards the $0.54 support, where the descending resistance (now resistance) is drawn. Below this support lies $0.49 – last month’s low. If a breakdown occurs, the potential support to watch is $0.45.
To resume buying, XRP must retake the weekly resistance of $0.58 along with $0.624. After that, the next key resistance to watch is $0.7.
Key Resistance Levels: $0.58, $0.624, $0.7
Key Support Levels: $0.54, $0.49, $0.45
- Spot Price: $0.56
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: volody10/123RF // Image Effects by Colorcinch