RIPPLE PRICE ANALYSIS & PREDICTION (September 6) – XRP Sees 2% Daily Gain Amid Latest Fall, Faces A Minor Support

Today appeared calm across the crypto market as most altcoins see a minor daily gains. But Ripple’s trend is still looking weak due to a 4% decrease in a week. It may break below a multi-week support shortly.

The sentiment for XRP remains positive on the macro level, although the trend has changed recently following a quick switch from a bullish move to a bearish in the last two weeks of trading. It has charted notable losses.

Looking at the price action since the price fell from a high of $0.65 in August, it has managed to stay well above the $0.54 support level but the price is still weak on the day as it charges to claim more lows.

This support is considered a minor level and as a result, the price will likely break through it soon. Currently, there’s not enough supply in the market. A huge sell-off can be expected once the supply turns heavy.

Yesterday’s sudden rejection at this mentioned support level suggested a reaction from the bulls’ side. If they manage to defend this support well by intercepting with a strong push, XRP will likely regain momentum.

With the latest price setups, the bears are expected to stay in the market for a while before regaining strength. From the look of things, bigger losses lie ahead for the 7th largest cryptocurrency by market cap.

XRP’s Key Level To Watch

Source: Tradingview

As the price approaches multi-week support of $0.545, a drop below it could plummet the price to the $0.489 support. Another support level to consider for drops is August’s $0.432 low before deciding next move. 

Towards the upside, the $0.585 level is a close resistance to keep an eye on, followed by $0.64. A higher resistance is located at $0.7 in case of an increase. 

Key Resistance Levels: $0.585, $0.64, $0.7

Key Support Levels: $0.545, $0.489, $0.432

  • Spot Price: $0.55
  • Trend: Bearish
  • Volatility: High

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: volody10/123RF // Image Effects by Colorcinch

Source: https://nulltx.com/ripple-price-analysis-prediction-september-6-xrp-sees-2-daily-gain-amid-latest-fall-faces-a-minor-support/