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- XRP again near 30-day high by sellers.
- Trading volume went down this week, registering $298.5 million in the last 24 hours.
- Weekly price closing below the mid-band of the Bollinger Bands indicator.
The fall of FTX kept the cryptocurrency lower while bitcoin hit its two-year low. November was a scary month for investors before the recovery. Meanwhile, Ripple’s XRP emerged as another diversification portfolio investment for buyers as XRP did not record another yearly low during the carnage.
However, XRP price is seen to be in recovery mode despite the minor retracement phase. The recent price action shows a lower-higher reference to the daily price scale. As a result, the bears found a selling zone near the descending trend line (bottom of the chart). This minor decline in price found support at $0.38 several times.
Against the USDT pair, XRP price is forming a third red candle today while crypto price is trading at $0.3856 mark at the time of publishing. Meanwhile, the $0.43 to $0.45 zone (red) will definitely interrupt the next bullish rally ahead. The weekly candle is red by 1% when market capitalization of XRP reported at $19.46 Billion.
Amid retracement phase, Trading volume went down this week, reported at $298.5 Million in the last 24 hours. Buyers suffered with low volatility this week. Weekly price closing is occurring below the mid-band of Bollinger Band indicator. The lower band may provide a price pump in upcoming week if buyers lose $0.38 support area.
RSI indicators often failed to move above half-way (50 mark) on daily price scale. Buyers are waiting for breakout above 50 points.
Conclusion
XRP price forms a negative price structure amid the retracement phase. Although buyers are barely holding crypto above $0.38 support level but due to low trading volume, bears may dominate XRP price in a lower range.
Support level – $0.38 and $0.30
Resistance level – $0.45 and $0.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
