Alongside Bitcoin, Ripple followed a bullish sentiment with a consistent increase since the start of this week. The momentum looks paused after reaching a critical resistance level. XRP may drop if the sentiment fades.
After the price of Ripple crashed to $0.3 on January 2, it recovered quickly and closed the day above the $0.35 level – bringing trading back into the range. The price dropped slightly but managed to close the week around the mentioned level.
It started this week with positive action and increased by roughly 17% to reach the $0.409 level. This price level was suppressed following a sudden rejection of Bitcoin’s price above $21k today.
This rejection made the cryptocurrency remain in a range bound, while some altcoins already broke out of their structure on a short-term perspective. Although, it is still showing strength and charging for more highs.
A clear surge above the $0.41 level would activate strong buy actions towards the last November’s high. However, if this latest rejection led to a serious sell action, the price is likely to roll over again. A look at the market structure indicates that XRP is neutral-bearish on the daily chart.
Ripple’s Key Level To Watch
If we consider a potential range breakout at $0.41, there’s a close resistance level at $0.44. The price range for this breakout is the $0.487 level. Above this level lies the $0.51 level, where the price fell from last November.
The level to keep in mind for support is $0.373 level in case of a drop. The support level below this lies at $0.33. If the price continues to drop, the level to watch out for is $0.3. beneath this level lies $0.288, marked as the two-year low.
Key Resistance Levels: $0.373, $0.41, $0.44
Key Support Levels: $0.373, $0.330, $0.30
Spot Price: $0.394
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: archnoi1/123RF / Image Effects by Colorcinch