Even amid the recent gains across the major altcoins, Ripple’s XRP is down by 2.2% today and has rejected the $0.36 price level. However, it has followed a bearish sentiment against its Bitcoin and Dollar pairs.

Since the price crashed to $0.32 in late 2022, XRP has remained calm as it suspended bearish actions to a sideways trend. Although the price recovered to $0.42 in the following week before rolling back.

The crash and recovery levels mentioned above are still serving as support and resistance for XRP. Attempt to break out of this range have been proven abortive over the past weeks.

Yesterday, the price spiked to the $0.36 level following a sudden surge in volatility. The rejection has brought the trading price to $0.34 as more potential drops lie ahead. A significant breakdown from the range will result in a severe price crash. 

Meanwhile, there’s still room for an increase if XRP continues to stay in a range. Trading activity is low at the moment. We can expect a positive movement once the buyers show interest again. For now, the asset is looking weak and indecisive.

Against Bitcoin, XRP has witnessed a substantial loss over the past 24 hours and has continued to follow a bearish sentiment.

Ripple Price Analysis (XRPUSDT): 4-Hour Chart

Source: Tradingview

Earlier this week, XRP attempted a breakdown from the range but failed due to a quick buyback to $0.36, where it recently saw a rejection.

The price is approaching the important support level of $0.33. If the price breaks below this support again, the $0.3 level will be revisited. The next selling target to watch below it is $0.27.

A recovery above the mentioned support could activate a buy towards the $0.373 and $0.41 resistance levels, located at the upper range bound. In case of a breakout, the potential resistance level to watch is $0.44.

Key Resistance Levels: $0.373, $0.41, $0.44

Key Support Levels: $0.33, $0.30, $0.27

Spot Price: $0.34
Trend: Neutral
Volatility: Moderate

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: skorzewiak/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 7, 2023 3:16 am