Most top cryptocurrencies are currently calm, including Ripple’s XRP, which now moving sideways after it established support above $0.32. How long and strong this support can hold price actions is yet to be ascertained.
After last week’s crash, XRP’s price decreased by roughly 35% after its monthly high of $0.51. The heavy crash plunges the price significantly below a key support level of $0.44.
This level has turned resistance as the price dips lower to the $0.317 level. The price later recovered slightly from this level.
Over the past 24 hours, the price has increased by almost 12% as the market experience a break of the bloodbath. Due to more recovery, the coin has been trading between the range of $0.32 and $0.4 price levels for the past few days now.
These mentioned price levels now act as support and resistance, marked orange on the 4-hour chart. Currently, the price is increasing towards the above resistance level after yesterday’s bounce. We can expect a reaction once the price reaches this resistance.
However, if the price breaks above, it would confirm a fresh increase for XRP. Should the price later break below the current holding support, we can expect the recent bearish scenario to resume.
A continuous rejection at these range levels will likely keep XRP calm until a notable break occurs on either side.
Ripple Price Analysis (XRPUSDT): 4-Hour Chart
As the market still looks dicey on the current 4-hour chart, let’s consider a key level to watch in case of volatility expansion.
In an upward direction, a significant increase above the $0.4065 resistance level could rally the price to an immediate resistance level of $0.44 in no time. The $0.487 level will be the next buying target if the price keeps rising.
In a downward direction, XRP would first need to bridge the $0.32 support level before it drops further to a key support level of $0.3. the support to watch below this key level is $0.27.
Key Resistance Levels: $0.4065, $0.44, $0.487
Key Support Levels: $0.32, $0.3, $0.27
- Spot Price: $0.385
- 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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