Despite #bitcoin recent surge, Ripple's price has remained relatively stagnant with limited volatility and no clear direction. However, theXRP is currently trading within a tight range and is expected to make an impulsive move soon.
Ripple is currently facing a challenge in maintaining its position above the $0.3500 support level against the US Dollar. In order to initiate a new upward trend and prevent a potential decline, the XRP price must exceed the $0.3880 mark
In the last 48 hours, #XRP has found a substantial level of support at the $0.3500 mark against the US Dollar. Despite this support, the price has managed to generate bullish momentum and has consequently initiated a new surge above $0.03600.
The Bulls have successfully driven the price of XRP above the crucial resistance level of $0.3650 and the 100-hour simple moving average. The price plummeted to a low of $0.3560 and is currently in a phase of uptrend. As of now, the XRP price is trading above the $0.3650 mark and the 100-hour simple moving average.
There is an initial resistance level located in the $0.3750 zone. Additionally, there is a significant resistance level at $0.3870, followed by another key resistance level at $0.4000. If the price successfully breaks above this level, it could potentially reach the $0.4200 resistance level. Further gains could even push the price towards the $0.4500 level.
If Ripple fails to clear the resistance zone of $0.3750, it may continue to move downwards. The initial support on the downside is located near the $0.3620 level, followed by the next major support at $0.3530. In the event of a downside break and close below the $0.3530 level, the XRP price could experience further losses. In such a scenario, the price could even decline below the $0.3470 support and retest the $0.3300 support level.
KEY LEVELS :
RESISTANCE LEVEL : $0.3750-$0.3880
SUPPORT LEVEL : $0.3600-$0.3520
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
