After breaking out massively to a two-year high a few days ago, Ripple’s XRP cooled off buying after registering a roughly 200% gain in a month. It faced rejections and now struggles to push back as sellers show interest.
The last three weeks have been stunning for XRP as it surged through several resistance levels to test a new high after two years of trading. Though it has slowed down buying after failing to sustain weekly momentum.
However, it has seen little loss since the price touched $1.63 last weekend. Although the bears have shown interest as they tried to pull the price under $1.2. An attempt to sink has been proved abortive.
As seen on the daily chart, the bulls are still in charge of the market and from the look of things, they will likely resume a rally soon. But if they fail again, the crypto may lose momentum. This could lead to a short price retracement before climbing back.
While the weekly and monthly bullish charts are still looking good, the price is currently down following a 2% loss in the last 24 hours. Even if the price continues to drop, we can expect a quick bounce back. XRP must fall below the month’s low before considering a bullish move.
XRP’s Key Level To Watch
Once XRP retake last week’s $1.63 high, the next key target resistance to watch on the way up is $1.8. Higher levels to watch are $2 and $2.5.
Falling below the holding $1.28 support, the next level to keep in mind is $1.15, followed by the $1 support. Lower levels to consider for a test are $0.938 and $0.855.
Key Resistance Levels: $1.63, $1.8, $2
Key Support Levels: $1.28, $1.15, $1
- Spot Price: $1.46
- 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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