Breaking down from a brief consolidation phase yesterday, XRP appears weak daily as it signalled a bearish move. It looks set to lose a key level.
XRP attempted to resume bullish after managing to hold above the $2.2 level, which has been serving as support for over a month. The buying was intercepted after a week and the $2.85 level halted the bullish move.
Marking resistance there, the price consolidated for a week and the price broke down yesterday. The bears reiterated actions today and pulled the price to $2.1. This led to a crackdown on the mentioned support but is not yet significant. A close below the key $2 level could cause a crash.
However, looking at the bigger picture, Sol appears ready for a massive drop on the daily chart but the mentioned key level is still acting strong.
The major bearish indicator to pay attention to is the formed head-and-shoulder (H&S) pattern on the daily chart. Breaking down the neckline – at the mentioned key level – should trigger a huge drop capable of collapsing the price to $1 in the near term.
Among the top five altcoins, XRP recorded the least drops in the past week while slowly gathering momentum. A huge drop is underway!
XRP’s Key Level To Watch
As XRP takes a downturn this week, the $1.77 level is now considered immediate support for a test. Failure to hold above it could lead to a serious dip to $1.53 and potentially $1.28 in no time.
A close resistance level for a retest is $2.5. If the price increases above this price, it must retake the $2.84 and $3.4 resistance before considering a bullish move. Right now, the bears are in control.
Key Resistance Levels: $2.5, $2.84, $3.4
Key Support Levels: $1.77, $1.53, $1.28
- Spot Price: $2.09
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.