To avoid more declines in the near term, the XRP price must remain above $0.3500.
The price of XRP has been on a downward trend due to the impact of a falling channel pattern. Since reaching its peak resistance level of $0.433, the value of the coin has plummeted by 17%, currently trading at $0.362. This decline has been a cause for concern among investors and traders alike.
This week, the XRP/USD price fell from the $0.3850 level against the US dollar. The XRP/USD pair fell below the $0.3750 support level, entering a bearish zone. The price has now dropped below $0.3700 and the 50 hour simple moving average. The price fell below the 50% Fib retracement level of the upward wave from the $0.3539 swing low to the $0.3848 high.
It is currently trading below $0.3750 as well as the 200 hour simple moving average. In the 4-hours chart of the XRP/USD pair, a key bearish trend line is forming with resistance near $0.3750.
On the downside, an initial support is near $0.3550. It is below the 78.60% Fib retracement level of the uptrend from the $0.3539 swing low to the $0.3848 high. The next key support is at $0.3450, or the last swing low. Any more losses might push the price towards the $0.3320 level, below which it could touch $0.3000.
On the upside, the price is facing resistance near the trend line and $0.3700. The next major resistance is near $0.3800. The main resistance is placed near $0.3850. A clear breakthrough above the $0.3800 and $0.3850 resistance levels might start a fresh trend. Under the suggested scenario, the price might possibly break over the $0.4000 resistance. Any further gains might push the price up to the $0.4100-$0.4200 barrier level.
Price Analysis estimates that XRP's market capitalization is currently estimated to be $18,586,706,658. The 24-hour trading volume for the coin is around $797,177,763.
KEY LEVELS :
RESISTANCE LEVEL : $0.3700-$0.3800
SUPPORT LEVEL : $0.3550-$0.3400
Ripple [XRP] is back in the news due to its recent filing regarding the SEC complaint. The latest filing emphasises the Fair Notice defence, which has been a component of Ripple's case since the outset. But what's different this time? Important Levels To Watch For XRP Currency In Within The Next Week. Please share your ideas in the box below.
