XRP and other altcoins are a bit down today after starting the week greenish. Although, the price is slowly building up for a bullish rally, but there’s not much liquidity to initiate positive actions.
Ripple versus SEC’s case continued to generate a lot of controversy after experiencing a short victory that exploded the price by 50% in a single day to the peak of $0.938 on July 13.
This significant daily surge marked XRP’s highest price level since the start of the year. However, the peak level was sharply rejected and the price began to fall slowly as gains washed away.
Last month, it found temporal support after seeing a sudden crash to the low of $0.422 in August. The low was quickly rejected with a long wick price, then recovered briefly and pushed to a two-month high of $0.55 level yesterday.
It retraced slightly from there and now trades at $0.53. Due to low buying volume over the past few days, the price remained calm and trends sideways on the daily scale.
If XRP manages to cross the mentioned two-month high, August breakdown support is the level to watch for a test before deciding on the next move. An increase above July’s high could activate XRP for a mini pump.
Considering a sell signal for this pair, the price must break below the $0.3 level before we can validate a mid-term bearish continuation. Currently, it looks poise for a short-term buy.
XRP’s Key Level To Watch
Should XRP surge to the $0.59 resistance, which marks August’s breakdown support level, the next buying target would be the $0.68 and $0.77 resistance levels.
In the meantime, the immediate support levels to consider for selling are $0.5, $0.46 and $0.42.
Key Resistance Levels: $0.55, $0.59, $0.68
Key Support Levels: $0.5, $0.46, $0.42
- Spot Price: $0.53
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.