Ripple’s XRP bullish trajectory is still looking intact weekly, but it has slowed down buying after facing resistance some days back. Due to this, it lost buzz and appeared weak today, initiating drops in the intra-day trading.

Since the market bounced back in late January, XRP posted a nice gain and recovered almost all its loss during the last corrections. Despite that, it is yet to find a break above the previous high as volatility slowly drops. 

This came after testing $0.668 (a two-month high) this week. It initiated a drop and plummeted. A quick recovery from the weekly low brought trading back to $0.64 but unfortunately lost grip due to rejections. 

While the market remains bullish, it appears there is not enough buying volume to sustain momentum in the daily timeframe. The ongoing lack of interest could trigger a choppy price action before trading volatility expands. 

Considering an upward expansion, which is most likely to happen, XRP may soar to a new multi-month high just as seen amongst top altcoins in the past few weeks. 

A downward expansion could facilitate more loss in the upcoming days before regaining strength. As it appears now, XRP is losing steam on the daily chart, but it is likely to post more gains in the coming week.

XRP’s Key Level To Watch

Source: Tradingview

As of now, the buyers are a bit weak. If they push above the rejected $0.624 resistance level, the next buying target would be $0.668 – last week’s high, followed by a break up towards the $ 0.7 and $0.75 resistance levels.

Now that the bears are showing interest, the immediate support to consider for a potential dip is $0.58. Failure to bounce off this level could trigger more drops to $0.54 (weekly low) and $0.49.

Key Resistance Levels: $0.668, $0.7, $0.75

Key Support Levels: $0.58, $0.54, $0.49

Spot Price: $0.612
Trend: Bullish
Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ March 11, 2024 1:53 am