As the crypto market took a downturn this week, XRP lost some chunk of dollars and dipped below a key support level. It has recovered a little in the past hours but is now trading back in a downward range.
Following several failed attempts to advance bullish actions in the past months, XRP lost momentum and speedily turned bearish after marking resistance at the $0.66 level in late September.
Though the cryptocurrency found solid ground this month and the price recovered. The recovery became very sluggish as it struggled to climb back amid low volatility. That led to a three-week squeeze up to the $0.564 level, where it faced a rejection during last week’s trading.
It initiated drops this Monday and dipped to $0.499 yesterday, breaking slightly below the $0.5 level that has been acting as support for over two months. It has bounced back above this level and now trades at $0.514.
While the bounce looks more like a retest of the recently broken $0.52 support on the hourly timeframe, we can expect a drop once it touches this mentioned level. July’s low would be the next area of interest.
The only condition for being bullish right now is a push above last month’s high. Otherwise, the market will continue to fall until it finds support.
XRP’s Key Level To Watch
Source: Tradingview
If the price dips below yesterday’s $0.49 low, the next target support for a sell would be $0.432. The lower level to keep in mind is $0.383.
A climb above the $0.56 resistance could send the price to $0.607. The $0.665 level is considered the major resistance level to watch for a breakup.
Key Resistance Levels: $0.56, $0.607, $0.665
Key Support Levels: $0.49, $0.432, $0.383
Spot Price: $0.514
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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