During last month’s trading, XRP’s price rose briefly above the crucial $0.64 resistance level after recovering well from a key support level.
Unfortunately for the bulls, the entire crypto market took a downturn due to a slight drop in Bitcoin’s price and the asset quickly lost steam in the late month. This led the bears back in the market and the price plunged back under the mentioned resistance level with a slight bearish closing.
Trading supply level increased this month and the price dipped near last month’s $0.50 low on Thursday. It has bounced slightly off this low and is now trading calmly at $0.53. While deciding on the next major move, a breakdown at this low could take trading back to August’s low.
A continuous hold above the current monthly low could trigger a quick recovery back to the recent top before breaking out for a massive bullish run. For now, XRP is still under the bears’ radar. The price must increase above March’s resistance level to consider a shift in the trend.
XRP’s Key Level To Watch
If the price further increases, XRP will likely encounter resistance at the $0.6 level before reclaiming the crucial $0.64 resistance level. A significant break above this resistance could rally the price to $0.7 and $0.744.
The $0.5 level is considered a key holding support. If it collapses, the next selling supports would be the $0.432 and $0.383 levels, marked as August and July’s lows.
Key Resistance Levels: $0.6, $0.64, $0.7
Key Support Levels: $0.5, $0.432, $0.383
- Spot Price: $0.53
- 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.
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Source: https://nulltx.com/ripple-price-analysis-prediction-october-7-xrp-decides-next-move-amid-slight-market-recovery-where-next/