Many altcoins have taken a downturn amid the latest clampdown, with XRP shedding roughly 7% loss since yesterday. Holding above a crucial support, it remains calm weekly after months of contraction.
Like many other altcoins, XRP recovered nicely from the early-year crash and climbed back above the crucial $2 level in April.
That brought a notable increase in the late month, but the recovery stopped after failing to push above the $2.7 level in the following month. Marking this price level as resistance in mid-May, it initiated drops and corrected lower for the rest of the month.
It started this month weak, but the mentioned crucial level produced support last week and the price bounced back. This brought a slight increase, but it later lost buzz after failing to overcome $2.34 this week.
Retesting the crucial support level, XRP saw a rejection and recovered briefly in the past hours. A daily close below this support could trigger a major collapse, potentially bringing the bears back into control.
Having rejected this crucial level today, a further push could bring more recoveries in the latest dip before initiating a new rally. Given the current situation, the bears appear to have a significant advantage. But as it stands, XRP is still contracting on a bigger scale.
XRP’s Key Level To Watch
Losing the crucial $2 level could plunge the price through a minor $1.77 support to $1.6 – April’s low. Breaking lower could cause a serious drop to the $1.28 level in the future.
While the market is still contracting weekly, a sudden surge in volatility could bring us back to the $2.34 and $2.64 resistance levels. A break-up could rally the price to the $2.99 and $3.4 resistance levels before testing a new high.
Key Resistance Levels: $2.34, $2.64, $2.99
Key Support Levels: $2, $1.77, $1.62
- Spot Price: $2.14
- 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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