After rallying hard to a three-year high last month, XRP faced resistance and took a downturn. Though its long-term bullish trend remains intact, the price is currently down following a 5% drop in the last 24 hours. Recapping last month’s shockwave across the crypto space that sent several altcoins to a new high, XRP took off from a low of $0.5 and shot up steadily until the price reached a high of $0.29 last week – increasing by 6x within a month. But the buyers became weak and the rally halted. After a three-day drop from that high, the buyers pushed back but failed to sustain pressure above $2.7 due to a rejection last weekend. That led to a serious sell-off yesterday and the price fell to $2 as it started this week bearish. This sell-off came as a retest of the 2021 high that got flipped during last month’s surge. As seen on the daily chart, the price level was rejected and is now trading an inch above it. But from the look of things, more sell-offs are expected as the market setups slowly changes. It has formed a double-top (bearish) pattern on the lower timeframe. If this pattern plays out well, XRP may see 30-50% correction before resume bullish. While looking for a strong support, it remains bullish on the daily chart. XRP’s Key Level To Watch Source: Tradingview Now that the price is falling, the closest support for selling is $1.97. The next support to watch is $1.63 level, followed by $1.2 and $1. Aside from the $2.7 level that suppressed bullish action last weekend, the $2.9 level is the key resistance to watch for the next move up. A flip through it should send the price to $3.3 and potential $3.7 in the near Key Resistance Levels: $2.9, $3.3, $3.7 Key Support Levels: $1.97, $1.63, $1.28 Spot Price: $2.13 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. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: parilovv/ 123RF // Image Effects by Colorcinch
