- To continue the price rally, XRP needs to cross the resistance area between $0.32-0.35
- There are some vital zones needed to be observed in the shorter time frame
- Observing the declining chart of XRP/BTC, there are no positive signs of taking a position in the token
Despite the ongoing lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple, its native token remained bullish in the short term. Still, the price of XRP is currently struggling near the price level of $0.30, whereas the whole crypto market is booming. In the recent bull market, the price of Bitcoin is higher by more than 100% comparing its last all-time high. On the other side, XRP is down by more than 90% from it’s all-time high record. However, Ripple’s native token price crosses some resistance points, and then there will remain chances for the price of the token to continue its bullish outlook in the short-term.
For an upward movement, XRP needs to break resistance points
Observing the XRP price chart from TradingView, the data seems to consist of an odd price pattern, since last year, the price flipped the level of $0.21. The rolling caused a breakout above the vital resistance area at the levels between $0.32-0.35, which led to a significant run towards $0.80. However, the US SEC’s lawsuit and delisting and halting the token’s trade have destroyed the price chart structure. Indeed, the vital zone to hold for the investors is the range between $0.21-0.23, which has recently provided support.
Critical areas into the shorter time frames
Several retail traders are observing the scenes in the shorter timeframes to find vital spots. Following the longer frames, the short-term key spots are ranging between the support area and resistance level of $0.21-0.23 and $0.32-0.35. A breakout of the price of XRP towards $0.5 could be witnessed if the price sustains between $0.28-0.295. Still, if it won’t sustain at such a level and loses its support, the next zone will be in the longer timeframe between $0.21-0.23.
No arguments for taking a position in the token’s Bitcoin pair
The XRP/BTC pair has smacked, as where other currencies are creating new highs, creating new lower lows since it’s an all-time high. Observing the pair, there are positive sides found to take a position in XRP. We can look for a potential reversal. One of the positive issues found is the hefty increase in XRP trading volume, which means traders accumulate the token. The vital scene is that investors need to observe a potential bullish divergence on the intraday, 3-day, or weekly timeframes.
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