XRP Falls Again, Here are New Support Levels to Watch

XRP continues registering intermittent declines since the drop from the $0.9380 high, bringing new crucial support levels and entry points into play.

XRP has succumbed to bearish pressure, shedding some of the gains picked up during the intraday rally on July 13. These intermittent declines have continued to bring new support levels into play, exposing potential entry points.

Veteran analyst Michaël van de Poppe recently called attention to the downturn. The trader’s latest disclosure builds on previous analyses in which he highlighted the consistent decline and identified crucial entry points for XRP.

Classic sweep on the markets.

For $XRP, as an example.

Entry point. pic.twitter.com/8Xcb1Ll71a

— Michaël van de Poppe (@CryptoMichNL) August 15, 2023

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Amid the prevailing bearishness in the broader market. XRP has retained a position above $0.61. Despite being down 3.12% over the past 24 hours, XRP outperforms some assets which have noticed more significant declines.

XRP Retests $0.58

Nonetheless, analysts like van de Poppe never expected this resilience to hold for long. As reported last week by The Crypto Basic, van de Poppe projected further drops in XRP’s price from its position at the time.

According to him, the latest XRP retracement has been exacerbated by investors looking to exit their positions at the recent highs. He also noted that the lack of confidence among new investors has contributed to the declines.

Citing these conditions, van de Poppe predicted further declines to the $0.60 territory and underneath, identifying entry points between $0.5663 and $0.6033. 

His latest remark comes from a sweep of these entry points. Notably, XRP broke below the psychological support levels at $0.63 and $0.60 yesterday, plummeting to a low of $0.58.

These brought the previously-identified entry points into play. After the sweep, XRP bounced back above $0.60, changing hands at $0.6097.

Further Declines?

While several investors regret missing the entry point set up by van de Poppe, other market watchers believe subsequent declines are imminent. 

Prominent analyst Tim recently revealed a potential drop to $0.55, marking an attractive entry point.

Citing data from a 2-day chart, Tim said he would wait patiently for the right time to enter the market. He emphasized the need not to place long-term trades blindly, noting that the $0.55 to $0.60 region is a massive point of interest to him.