While most altcoins recently broke down to a new monthly low, XRP is still captured in a tight range as it slowly gathered momentum for a big move. While bias remains bearish, it is deciding on where next to head.
In the middle of the storm, Ripple posted a small gain last month but quickly lost momentum after facing multiple rejections. This led to a significant drop and the price dipped to where it is priced at $0.48 at the time of writing.
XRP hasn’t seen much recovery in the past months compared to the other top assets. It continued to maintain sideways movement and remained trapped between $0.47 and $0.57 – now considered as key support and resistance levels.
A clear break out of this tight trading range would determine where it is likely to head next. For now, the trend remains neutral on the daily chart. But looking at the market structure from a technical perspective, the price is likely to break down.
However, if market speculations and sentiments change to positive, we can expect an increase. This may bring a quick recovery above the lost $0.5 level before breaking above the mentioned tight range.
Apart from the intraday trading, XRP’s price is currently weak on the weekly outlook. A dip below April’s low could trigger more bearish actions. Until then, there’s nothing much to expect on the daily graph.
XRP’s Key Level To Watch
The $0.53 level is now held as monthly resistance. If XRP retakes it, the $0.57 level would be the next key resistance to watch for a range break-up to $0.62.
Losing the $0.478 level could bring the asset down to the $0.45 support level, followed by April’s $0.419 low. There’s also support at $0.4 if the price continues to tank.
Key Resistance Levels: $0.53, $0.57, $0.6
Key Support Levels: $0.478, $0.45, $0.419
- Spot Price: $0.486
- Trend: Neutral-Bearish
- Volatility: Moderate
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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