XRP's price is testing critical support levels and may see a major move soon.
Market indicators show potential for both bullish and bearish trends in XRP.
Investors are watching key resistance levels that could hint XRP's next major move.
XRP, the crypto associated with ripple, has seen an increase of 0.64% over the past 24 hours. The coin is currently trading at $0.6022, having a market capitalisation of $33.83 billion, which also marks a 0.76% increase, placing it in the 7th position among the cryptocurrencies by market cap.
source : coinmarketcap
Currently, Ripple has a circulating supply of 56.18 billion coins constituting approximately 56.18% of its total supply of 99.99 billion XRP. The token witnessed some price fluctuations, as seen in the charts, as prices began trading at $0.5988 but later experienced some volatility, which led to a dip, resulting in a recovery of its current value. The volume-to-marketcap ratio is 3.36%, indicating moderate trading activity, mainly due to its market size . The chart shows that while XRP faced some negative movement, it quickly rebounded, reflecting investor confidence
XRP Price Action
The XRP market is currently decreasing with a minor downward pressure, with its current price at $0.59963 reflecting a slight decrease of 0.11%. The price action has been relatively stable in recent terms, but key technical indicators and chart patterns suggest potential upcoming movements.
The chart shows a clear Fibonacci retracement pattern, highlighting critical levels of potential support and resistance. XRP has retraced to the 38.2% level, a common area for price reversals, with the support level being at $0.38249, which remains a vital point. Moreover, the 26.6% retracement level at $0.5500 acts as a near term resistance. A drop below these levels could signal a move towards the 50% retracement, where further support might be found.
source : tradingview
The Moving Average Convergence Divergence signal is showing a slight bearish divergence with its line crossing below the signal line, which often suggests a possibilities decline in price. The RSI stands at 52.35, which indicates a neutral market sentiment that is neither overbought nor oversold. However, it is approaching the 56.69 level, where a shift towards bullish momentum could occur if it continues to rise.
The price movement has formed a potential ABCD pattern, with the current price at point D, suggesting that XRP might be poised for a reversal or continuation depending on the market conditions. If the price breaks above the recent highs near $0.65, it could potentially reach the 161.80% extension level, making a major bullish move. Consequently, if the price fails to hold at the current support level, it might retest the lows near $0.50, which is followed by a further decline towards the 61.8% retracement level.
The post XRP Sees Market Volatility with Key Support and Resistance Levels in Play appeared first on Crypto News Land.
