Ripple’s XRP appeared back on a buying spree after undergoing a small pullback last week. It is charging back strongly and is now on the verge of breaking higher following a 6% increase in the past 24 hours.
Last week marked a new milestone for XRP as it witnessed a steady surge near April’s high following a two-week bounce. Unfortunately, it halted buying pressure due to a rejection and the price pulled back.
This led to a slight drop under the $0.55 level last Friday but the price quickly recovered and continued to gain traction daily. Following this impressive recovery, it is on the verge of breaking the previous high.
Now that the market has continued to show signs of strength, we can anticipate a massive price movement towards the current yearly high in the next few days. Breaking through this high could set the market for an explosive rally soon.
In the opposite direction, XRP may lose momentum again if the price continues to face rejections under the $0.64 level. Such a setup could lead to a major price pullback. As it appears now, there are no signs of drops as the bulls are currently in control.
XRP’s Key Level To Watch
Source: Tradingview
Looking at the price chart, the immediate line of resistance for the bulls lies at $0.643 – the April high. A successful surge through it could rally the price quickly to $0.7 and $0.744 with a potential break out.
If a drop occurs, the $0.57 level is the closest support to keep an eye on. The next support to watch below this level is $0.53, followed by $0.489. Other supports are located at $0.45, $0.419 and $0.383 respectively.
Key Resistance Levels: $0.643, $0.7, $0.744
Key Support Levels: $0.57, $0.53, $0.489
- Spot Price: $0.627
- Trend: Bullish
- Volatility: High
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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