XRP, currently down 86% from its all-time high, shows signs of stabilization with key support at $0.28 and resistance at $0.66.
Short-term indicators, such as the Relative Strength Index (RSI) and Stochastic RSI, suggest a potential buying opportunity.
Despite the significant dip, XRP maintains a strong market position, with the XRPL ecosystem continuing to grow.
XRP, the native cryptocurrency of the XRP Ledger (XRPL), has experienced a rollercoaster ride since reaching its all-time high (ATH) of $3.40 in January 2018.
According to an analysis by crypto researcher Bitcoin Ape, Ripple is currently trading approximately 86% below its peak. Despite this downturn, XRP has managed to maintain its position among the top 10 most valuable cryptocurrencies, demonstrating its resilience and potential for a rebound.
No coin in the top 10 has dipped more from its last ATH price like $XRP. The coin is down 86% from its peak price of $3.40 in 2018. Its last major bullish price action was in Q1 2021. @Ripple has impressively however remained in the top 10 of the most valuable cryptocurrencies.… pic.twitter.com/cRoK8yd8DX
— Bitcoin Ape (@bitcoinape_) July 3, 2024
XRP Finds Stability Between Key Support and Resistance Levels
A closer look at the technical data surrounding XRP reveals crucial support and resistance levels that will likely determine its future price direction. The key support level is identified at around $0.28, while the resistance level stands at approximately $0.66.
Notably, the target for a potential bullish run is set at $0.95. The researcher points out that XRP’s last significant bullish price action occurred in the first quarter of 2021.
At the time of the post, the Stochastic RSI indicated that the coin was oversold, suggesting a potential buying opportunity for investors.
Currently, Ripple appears to be stabilizing around the $0.4831 price level, despite experiencing a 7% loss over the past 30 days. However, the cryptocurrency has gained 7% over the past year, indicating a mildly positive long-term trajectory.
Daily technical indicators offer further insights into the coin’s current market situation. The Relative Strength Index (RSI) is currently at 32.98, indicating that XRP is approaching oversold territory.
This suggests that the selling pressure may be overextended, and a potential reversal or stabilization could be on the horizon.