Bitcoin's (BTC) decline of more than 6% has dampened the momentum of Ripple (XRP). However, can XRP regain its strength and experience an upward price movement?
BTC's correction, reaching $31,800 directly, continues to affect the prices of altcoins. XRP, which caused great excitement in the market by reaching $0.93, seems to have lost its momentum with BTC's price movement. What does the XRP chart indicate? Which levels should be monitored for this popular coin?
Ripple (XRP) Chart Analysis
After reaching $0.93, XRP lost its momentum and experienced a significant drop along with BTC falling below $30,000. The major coin dropped to $0.67 and is currently trading at $0.725. The range between $0.773 and $0.801 will be crucial for observing strong increases in XRP. If this range is broken to the upside, the levels to watch are $0.918, $1.104, $1.353, and $1.55, respectively.
Scenarios such as negative news flow in the sector or BTC continuing its downward trend can shake the price of XRP. In such a case, the support levels to monitor for XRP are $0.65, $0.55, and $0.449, respectively. Losing the starting point of the rise at $0.449 could lead XRP into a deep decline.
