While trading in a range-bound, Ripple showed signs of strength today as it tapped a 4% gain. Despite a steady decline in the daily volume indicator, it found support again and continues to foot a fresh increase.
Ripple’s XRP has reacted positively to the latest increase across the market, bouncing off a key level after remaining indecisive for a week.
However, the crypto is yet to signal a major shift in trend as it remained range-bound since the price recovered sharply from last month’s dip. Hence, it appeared to be footing a bullish move following a series of highs and higher lows formation over the past weeks.
An increase above the important $0.57 level, which suppressed buying pressure twice in a month, should signal a short-term bullish move. Reclaiming March’s resistance along the way would further validate a complete bullish reversal.
But as it stands now, it is still struggling to gain momentum daily as it will likely face some hurdles on the way up. Inversely, losing grip above the $0.5 level may result in a drawdown for the 7th largest crypto by market cap.
It is important to pay attention to the daily volume indicator, which is still in a downward range. We can expect a bigger price movement when the indicator starts to rise.
XRP’s Key Level To Watch
The price is currently trading near an immediate resistance of $0.524. Overcoming this resistance could allow more buys to $0.57 before surging to $0.6, where it broke down last month.
If the price drops below the monthly $0.478 support, XRP may roll back to $0.419, where it saw a sharp rejection last month. Other support is located at $0.35.
Key Resistance Levels: $0.524, $0.57, $0.6
Key Support Levels: $0.478, $0.419, $0.35
- Spot Price: $0.518
- Trend: Neutral-Bearish
- Volatility: Low
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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