Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In the last 48 hours, XRP’s price has experienced a modest 5% drop reaching $0.6. This recovery comes despite the news that Binance settled charges with the U.S. Department of Justice for $4.3 billion, which had previously led to negative market sentiment​​.
The XRP market is at a crossroads, with the token’s price encountering multiple layers of support that may dictate its near-term trajectory. A careful examination of the XRP/USDT daily chart on Binance reveals that XRP is currently finding its footing after a period of heightened volatility.
After the recent pullback, XRP’s price seems to be stabilizing above the significant support level at the $0.60 mark. This level is bolstered by the 50-day moving average (MA), which has historically acted as a dynamic support line. The proximity of the 100-day MA below it further strengthens this support zone, providing a cushion against potential downturns.
The immediate target for XRP, should the bulls maintain control, is the $0.65 resistance level. This price point has served as a pivot in recent weeks, and a convincing break above it could open the door to $0.70, a level that has previously posed a substantial challenge to the token. Conversely, if XRP fails to uphold the current support, we could see a dip toward the more formidable base around the $0.58 region, which coincides with the 100-day MA.
Developing two price scenarios, if buying pressure picks up and volume increases, there is an opportunity for XRP to test and potentially breach the $0.65 mark, aiming for the subsequent resistance at $0.70. However, if sellers dominate and the price slips below the $0.60 support, a retest of the $0.58 level could be imminent, with a further decline potentially triggering a test of lower support levels around the $0.55 zone.
Source: https://u.today/xrp-price-meets-numerous-support-levels-heres-next-target