Ripple is in the red zone today following a steady drop in the past 7 days. Trading looks calm due to a shrink in volatility. It remained bullish but is now on the verge of breaking away from a symmetry triangle.
XRP tested the $0.736 level a week ago and failed to sustain momentum. It paused the rally and started to lose steam until it pinned support at $0.63 last week.
That support held well with a series of daily lows above it. Due to the extreme drop in volatility in the past week, the price appears weak with choppy price actions. There’s currently a lack of interest in the market.
Despite that, it looks poise for another surge in volatility as it formed inside a symmetry triangle – a bull flag pattern on the lower timeframe. However, the price is currently calm as it reaches a tight angle of the triangle.
A typical direction for this pattern is mostly upside, which is capable of rallying the price to $0.85 when a price break occurs. Considering a downward movement due to market uncertainty, it may look for a solid ground level to initiate another increase.
There’s nothing much happening in the market at the time of writing. A break from the symmetry triangle would determine where the price would head next. As of now, the trend remains neutral-bullish on the daily chart.
XRP’s Key Level To Watch
Towards the upside, there’s a close resistance at $0.674 before climbing back to $0.73. A push above this level could see the price testing $0.77 and $0.80 in the next couple of days.
In case of a drop, the minor level for support lies at last week’s $0.63 low. If the price continues to dip, the support levels to watch on the way down are $0.598, $0.55 and $0.50 respectively.
Key Resistance Levels: $0.674, $0.73, $0.77
Key Support Levels: $0.598, $0.55, $0.50
- Spot Price: $0.65
- Trend: Neutral-Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.