Today appeared calm across the crypto market as most altcoins see a minor daily gains. But Ripple’s trend is still looking weak due to a 4% decrease in a week. It may break below a multi-week support shortly.
The sentiment for XRP remains positive on the macro level, although the trend has changed recently following a quick switch from a bullish move to a bearish in the last two weeks of trading. It has charted notable losses.
Looking at the price action since the price fell from a high of $0.65 in August, it has managed to stay well above the $0.54 support level but the price is still weak on the day as it charges to claim more lows.
This support is considered a minor level and as a result, the price will likely break through it soon. Currently, there’s not enough supply in the market. A huge sell-off can be expected once the supply turns heavy.
Yesterday’s sudden rejection at this mentioned support level suggested a reaction from the bulls’ side. If they manage to defend this support well by intercepting with a strong push, XRP will likely regain momentum.
With the latest price setups, the bears are expected to stay in the market for a while before regaining strength. From the look of things, bigger losses lie ahead for the 7th largest cryptocurrency by market cap.
XRP’s Key Level To Watch
As the price approaches multi-week support of $0.545, a drop below it could plummet the price to the $0.489 support. Another support level to consider for drops is August’s $0.432 low before deciding next move.
Towards the upside, the $0.585 level is a close resistance to keep an eye on, followed by $0.64. A higher resistance is located at $0.7 in case of an increase.
Key Resistance Levels: $0.585, $0.64, $0.7
Key Support Levels: $0.545, $0.489, $0.432
- Spot Price: $0.55
- Trend: Bearish
- 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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