RIPPLE PRICE ANALYSIS & PREDICTION (September 15) – Despite Facing Rejection, XRP Holds 7% Gains In Fresh Weekly Surge

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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

Source: Tradingview

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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About Author

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

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