The decline broke the 50% Fib retracement level of the last surge from $0.2719 to $0.3200. There is still a risk that the token will trade below the support at $0.3000 which also happens to be in the same place as the 100 hourly SMA.
The good news is that the 618% Fib retracement level of the last move from $0.2719 to $0.3200 is now acting as support. Following this level, there is another key support near the $0.2840 level. While the MACD moved to the bearish level, it is now moving over to the bullish level. However, the relative strength index is still in the bearish level.
XRP has formed key support at $0.2840, $0.2850, and $0.2900 while there are resistances at $0.3120, $0.3020, and $0.3050. If the bulls gain the momentum they need to move above the $0.3120 level, the token will move as high as $0.3200 near-term.
This will not come as a surprise since the token has made significant progress over the last few days. The next few days of trading will help us determine what price action the token will take.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple XRP Surges by 40% in Epic Bull Run Above $0.30
- XRP Corrects Lower After Major Surge, Will the Bulls Regain Momentum?
Ripple XRP’s surge against the USD may have come to an end as the token has started correcting lower against the USD after its 40% surge in seven days. Yesterday, XRP started trading in a bullish angle below the $0.3020 level. While strong support held at $0.3000, there is a strong chance that it will keep correcting lower against the USD near-term. To be fair, downside corrections are not unusual after a major surge in price. So, it doesn’t necessarily mean that the bears have taken control of the market. There is still a chance that they will resume soon as long as the support holds.
Selling Pressure Drags the Price of XRP Lower
As the price of XRP surged, it faced rejection at the $0.3120 level after which it started to decline against the USD and Bitcoin. The token fell below the support at $0.3050 and eventually below the support at $0.3020 for a short while. At the time of writing, the price of the token was $0.302793. It is down by 1.81% against the price of the USD and down by 3.12% against Bitcoin BTC.
The trading volume over a 24 hour period is $2,483,428,787 and the market capitalization is $13,584,083,023. You can see that the token has successfully regained the support at $0.3020 which is now preventing lower lows near-term.