As last month’s trading closed in a full head and shoulders pattern on the daily chart, XRP rebounded from its three-day neckline and released the pressure yesterday. This triggered a major breakout from the critical level of $2, which had served as support for four months. The price fell to $1.61 for the first time in five months, although it has recovered briefly as it is testing resistance at $1.79 at the time of writing. A recovery above it could lead to a retest of the recently broken critical support level as resistance before selling pressure resumes. A downward advance may lead to a huge loss in the future. The key price level to watch for a drop in the medium term is $0.55 after expanding across major support levels. Such a setup should replicate the decline of other major altcoins as we have seen in the past few weeks. This pattern is likely to emerge soon. Currently, the bulls are nowhere to be found. If they find their way back into the market, they will have to reclaim the yearly high before we can consider a switch. Right now, the bears will likely have the upper hand.
Key level of XRP to watch
(caption id=”attachment_99954″ align=”aligncenter” width=”680″)
source: Tradingview(/caption) Anticipating the next move lower, XRP must reclaim the current daily low before reaching the $1.53 and $1.28 support levels. Below it is $1. A quick retest at $2 should get us back into sell mode. The identified resistance levels above it are $2.24 and $2.64, along with the $2.99 level – where the second selling phase began in March. Key Resistance Levels: $2, $2.24, $2.64 Key Support Levels: $1.53, $1.28, $1
- Spot price: $1.79
- Trend: bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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