Following a new sell order, XRP posted a heavy loss today and is now trading back near a crucial support. A successful breakdown from there could trigger a massive collapse to a new multi-month low.
Compared to other cryptocurrencies during last month’s trading, XRP registered a little loss and continued to trade well above the $2 level, which has been a critical support for the past three months.
It attempted to reverse the trend following a strong bounce back earlier this month, but the momentum was short-lived due to a sudden sell-off yesterday, and the price nosedived.
From a technical standpoint, the landscape might change anytime soon due to the sell-off. The $2 level is considered a key support for a major breakdown. Losing it should confirm a head-and-shoulder formation on the daily chart. The target price range to watch for would be $1.3.
Currently, there’s no conviction for a buy. To restore the bulls’ hope, it must reclaim yesterday’s high to consider an upward movement. For now, the bears are technically back in action. From the look of things, they will likely sustain momentum for long following the new sell order.
XRP’s Key Level To Watch
If XRP drops below $2.2, the next target level to watch for a dip is $2. A break below this crucial support level should send the price to $1.77 and $1.53. Below lies the $1.28 level.
No signs of the bulls in the market. Even if they show up to intercept the latest bearish, they must reclaim the $2.99 level to consider a positive move. A steady push there could bring us back to $3.4 with a potential break up to $4.
Key Resistance Levels: $2.99, $3.4, $4
Key Support Levels: $2, $1.77, $1.53
- Spot Price: $2.3
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.