Larger cap altcoins are on the bears’ radar today posting double-digit losses as the crypto market took a sharp decline. XRP saw a fair share as it recorded little losses while remaining firm in its bullish zone.
XRP’s reaction to the latest market decline is not much compared to other large-cap losses in the past few hours. Although it may post a double-digit loss if supply increases. But currently, things are still looking good for the asset as it trades well in a buying zone.
However, the recent rejection at the falling resistance line might be something to worry about as it may join the wide market correction if it loses the $2 level, which has been holding as support since last week.
Such a scenario could plummet the price back to $1. This may cause serious pain and panic for most spot traders, although providing a sell opportunity on the futures.
But if the crypto manages to stay above the mentioned holding support during this selling phase to form a bullish flag pattern on the daily chart, we can anticipate a mega rally to a new high.
However, with the look of things, it is uncertain if this asset will survive the fresh attack from the bears. While the next few days will unfold the next major direction, XRP is still considered bullish on the daily scale.
XRP’s Key Level To Watch
Source: Tradingview
Considering the slight price fall since the bears stepped back, XRP appeared weak on the intraday trading and is likely to pull back to $2.15. A breakdown there could slip the price to $1.9 and $1.63. Lower support levels are $1.28 and $1.
A break through the resistance line at $2.5 could activate a new buying phase to the $2.9 resistance level. Surpassing it should rally us to a new high of $3.3 and maybe $4 in the near term.
Key Resistance Levels: $2.5, $2.9, $3.3
Key Support Levels: $1.9, $1.63, $1.28
- Spot Price: $2.32
- Trend: Bullish
- Volatility: Neutral
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: parilovv/123RF // Image Effects by Colorcinch
