Amid latest market upsurges, XRP continued to trade sideways following multiple failed attempts to surpass a key price level. However, its market structure is still bullish monthly but a major breakout is needed.
Following a retracement move from the critical $0.64 level that has been acting as critical resistance since July, XRP located support above the $0.5 level earlier this month and reinitiated bullish. After a week’s surge to the $0.6 level in the mid-month, it faced a rejection and dropped.
Since then, the mentioned level has become a key resistance for the bulls and several attempts to break through it have proven abortive. The price remained stagnant and continued to squeeze under this resistance level.
This squeeze indicates an equilibrium in the demand and supply levels in the last two weeks of trading. A rise in this demand and supply level would determine the next direction. Otherwise, trading will remain calm.
But looking at the market structure, which still appears bullish in the short term, XRP will likely break up soon. This could lead to a major rally capable of skyrocketing the price to the $1 level in the mid-term.
While XRP has shown no signs of movement despite the latest positive actions across the crypto industry, we can expect a sudden surge when the trading volume evaporates.
XRP’s Key Level To Watch
Even if the bulls overcome the immediate key resistance, the $0.64 level is another crucial resistance to keep in mind before breaking to $0.7. The next obstacle level to watch on their way up is $0.744.
If the price falls as a result of a rise in the supply level, the nearest level to consider for support would be $0.545 and the monthly $0.50 low. There is also support at $0.432 in case of more dips.
Key Resistance Levels: $0.64, $0.7, $0.744
Key Support Levels: $0.545, $0.5, $0.432
- Spot Price: $0.59
- Trend: Neutral-Bullish
- Volatility: Low
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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