Ripple crashed and recovered from a year-low last week. It is in red today after shedding several losses in the past week. The price trades in a critical zone on the daily chart, finding it difficult to sustain recovery.
After last week’s heavy crash, which was followed by a sharp rejection, XRP recovered a little but was unable to push higher. The price is now stuck under the $0.52 level.
However, the bulls showed interest this week but they failed to push the market above this level due to low buying volume. But from the look of things, the asset is likely to change its landscape to the upside by the end of this week.
If that happens, we can expect a fast recovery in the next few days. While there are lot of resistance to watch on the way up, the monthly high remains the primary resistance to watch for a breakup. Currently, trading looks boring on the daily chart due to a lack of interest in the market.
A drop below last week’s low could fuel another leg down for Ripple’s price. And if that happens, it may see a bigger drop as it continues to follow bearish sentiments. Ripple may remain relatively indecisive for the next couple of days until an expansion occurs.
XRP’s Key Level To Watch
Amid market uncertainty, the hourly support level to consider for drops is $0.45. The $0.419 level (last week’s low) is the next support to keep in mind. A breakdown from there could see the price dip to $0.35 in the near term.
The $0.525 level is an immediate resistance to consider for a shift. If the price level increases, the next buying target to watch would be $0.52 and $0.592.
Key Resistance Levels: $0.525, $0.562, $0.592
Key Support Levels: $0.45, $0.419, $0.35
- Spot Price: $0.499
- 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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