While most altcoins remained in a bearish state from a mid-term perspective, XRP continued to maintain bullish momentum with over 50% increase in the last six months. It lost momentum last month but seemed to have found a rebound level.
Last month saw XRP through serious bleeding after marking resistance at the $0.566 level. The price plunged through a consolidation phase and started to form a lower low and lower high on the lower timeframe.
After weeks of drop, it later found support on the ascending trendline forming since January. Following bullish reactions to this crucial trendline, the price has bounced off it with a sharp rejection at $0.45.
It currently looks primed for an increase but trading volatility seems low on the daily chart. Inversely, the bears have also been responding to price actions for a while now. Today’s rejection at the $0.487 resistance level indicates a bearish interception.
If the buyers fail to push the price above the $0.50 resistance level in the next few days, the sellers may initiate another leg down to $0.43, bringing the price below the crucial trendline.
An increase above the $0.59 resistance could set the price on a long-term bullish. For now, the trendline is providing support as that could be the next rally point for XRP on the daily chart.
XRP’s Key Level To Watch
If XRP manages to pass through the $0.506 resistance level to tap $0.528 and $0.546, the next buying target would be June’s high of $0.566, followed by March’s resistance of $0.585. A break at this resistance could activate a rally to $1 in no time.
The closest support for a drop lies at $0.46. If the support collapses, the next levels to consider are $0.435 and $0.41.
Key Resistance Levels: $0.506, $0.528, $0.546
Key Support Levels: $0.46, $0.435, $0.41
- Spot Price: $0.484
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.