Ripple’s price has been stagnant since the start of this week, due to several crackdowns in the past months. This came after halting the sell-off and is now gathering momentum for another move.
The past week saw XRP through another reduction in continuation of its short-term fallout across the crypto space. The bulls intercepted and the asset reestablished support above the $0.45 level with a slight bounce.
That led to a temporal halt in supply and it subjected the trend to a sideways movement, indicating an equilibrium in price and a slow rise in the demand level. A potential reversal is lurking around the corner.
While volatility currently looks low, the price has been calmly trading above that support since the start of this week. With this latest price action, a surge in volatility should be expected any time soon.
However, XRP is still considered neutral-bearish on the daily chart. If an upsurge occurs, we can anticipate a buy action to $0.75 before validating a trend reversal. On the other hand, a down surge from the current trading level could trigger more losses in the market.
Right now, there’s nothing much to expect in the market as the daily outlook indicates a lack of interest from both the buyers and sellers. XRP will continue to remain calm until a surge in volatility occurs.
XRP’s Key Level To Watch
If XRP climbs above the suppressing $0.4780 level, the immediate resistance level for an increase is $0.5, followed by the $0.53 and $0.57 levels. A higher recovery level to watch is the $0.6 resistance.
Breaking lower, the $0.45 level is the potential line of support to keep in mind. Another area of interest to consider for a sell would be the $0.419 and $0.4 levels.
Key Resistance Levels: $0.53, $0.57, $0.6
Key Support Levels: $0.45, $0.419, $0.4
- Spot Price: $0.475
- Trend: Neutral-Bearish
- Volatility: Moderate
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: fellowneko/123RF // Image Effects by Colorcinch
