Amid latest bloodbath in the overall market, XRP registered some losses as it dipped below $0.5 yesterday. Hence, it has seen a slight increase over the past hours and is now attempting to climb back on the daily graph.
XRP has been subjected to a consolidation mode for the past three weeks as it trades indecisively within a key price range. Trading volatility is currently low due to lack of interest in the market.
However, following recent drops in Bitcoin’s price, which led some altcoins back to their previous low, Ripple’s XRP did not see much loss as it managed to stay above the $0.47 level.
In fact, it has recovered briefly from yesterday’s low and has posted a small gain overnight. This positive reaction indicates a buying interest in the market as the sellers get exhausted. A surge in volatility is around the corner.
If the buyers show strong commitment, we may see a shift in the trend to the upside, bringing the bulls back in no time. If not, the sellers may continue to mount pressure in the market.
As of now, the trend remains bearish on the daily chart. Even if a shift in trend occurs, XRP must climb above the $0.75 level to confirm a break for a long-term rally. So far, the price is down 14% in a month.
XRP’s Key Level To Watch
The market is currently supported by the $0.478 level, marked as yesterday’s low. Below it lies the $0.419 level – the April’s low. A collapse from there could drive the price to the low of $0.35 in the near term.
Towards the upside, XRP may face a minor resistance at $0.525 before rising to $0.562. Higher resistance levels to consider for an increase are $0.592 and $0.64
Key Resistance Levels: $0.525, $0.562, $0.592
Key Support Levels: $0.478, $0.419, $0.35
- Spot Price: $0.511
- Trend: 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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