This week saw XRP through another impressive gain after experiencing a slight pullback in the past week. It has formed a short-term bullish pattern on the daily and now looks ready for a big move.
After retracing to the low of $0.47 two weeks ago, XRP established support there and started to increase until the price reached the high of $0.5866. It encountered resistance and pulled back slightly for three days.
The asset advances rally this week as it just climbed briefly above the important $0.6 level amid the latest indecisiveness in Bitcoin’s price – it appeared to have entered an accumulation phase for the next leg up. XRP may continue to rally upward if Bitcoin remains indecisive for a while.
Meanwhile, the ongoing rally is still looking slow on the daily. We can expect a bigger price movement as soon as huge volume flows into the market. The short-term target for the latest increase lies at $1. Before then, it may face a lot of resistance on the way.
Currently, there’s no room for selling on the daily chart. However, if the price falls and fails to find support above the $0.55 level, XRP may navigate the October and September low as the next selling target. Regardless of the above, XRP remains bullish on a short-term trend.
XRP’s Key Level To Watch
As XRP climbs higher today, the next resistance level to watch for buying lies at $0.674, followed by $0.73. In case of more increase, the higher resistance level to keep in mind is $0.77
If the price drops from the current trading level, the crypto could slip to the $0.552 support and perhaps $0.47 – marked as a two-month low. The August low of $0.42 is the next level to consider for drops.
Key Resistance Levels: $0.674, $0.73, $0.77
Key Support Levels: $0.552, $0.47, $0.42
- Spot Price: $0.60
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.