Yesterday, XRP’s price exploded by more than 6% after witnessing a nice recovery from a monthly low. This brought buying pressure back into the market but later cooled off after testing a three-week high.
The overall market sentiment is still considered bearish on a larger scale as most altcoins trade around their recent lows. From the look of things, the market landscape is likely to change soon.
For XRP: the reverse might be the case as it continued to make a new higher low, which signals a potential bullish move on the daily outlook. Aside from the $0.38 and $0.432 levels that held as support in July and August, it just established a new one above $0.5 last week and bounced back.
However, this bullish signal is unconfirmed yet as XRP failed to break out of its mid-term structure due to insufficient volume inflow from the bulls’ side. While the market remains indecisive, the bears are looking for a key level to resume pressure. But currently, the supply level is low.
Unfortunately, the price is still trapped in a tight trading zone on the daily chart. A push above the yearly high should confirm a break of structure. While yesterday’s rejections seemed to have temporarily halted further buying, a drop below the monthly low could bring the bears back in the market.
XRP’s Key Level To Watch
Apart from the $0.585 level that stopped the bulls yesterday, the key breakpoint to watch for a major increase lies at the $0.64 resistance, followed by the $0.7 level.
There is close support at the $0.545 level in case of a pullback. If the price dips below the monthly $0.5 support, the price could roll back to the above-mentioned August and July lows.
Key Resistance Levels: $0.585, $0.64, $0.7
Key Support Levels: $0.545, $0.5, $0.432
- Spot Price: $0.57
- 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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