XRP regularly found support at the $0.58 price point. There is support here that seems to be very strong. The coin is therefore sold by force, which has caused the coin to increase in value by more than 5% since then. Let’s look at the graphs.
The most important price levels
We start this week with the XRP weekly chart. Here each candle represents 7 days so we can remember April 2018. Since then, multiple price levels have become very important for pricing. In the following graph they are shown as gray areas.
Of these, the top two zones are the most important as the price is currently moving between them. Only if the coin falls below the intermediate zone, there is a risk of XRP returning to lower support around $0.30.
Fortunately, this has not happened yet as XRP has just settled into the mid-zone after falling to $0.58. This reaction is also so strong that it could easily be the last time XRP reaches this zone.
While this is a very strong statement – and not 100% likely – these are not unusual scenes in a bull market. To analyze this further, let’s also take a look at the 4-hour chart of XRP. Because on the weekly chart, the price may look good, but if the currency looks bad in the short term, we could fall further.
XRP in the short term
That is why in the image below we see the 4-hour chart. Here you can better see the number of burglaries in this area. XRP has found support at this level at least three times since November. This is a good sign, but it is not good that the coin is making lower highs now.
This makes the scenario of XRP not returning to $0.58 less likely. However, this could easily change if the currency surpasses its previous high in the near term. In this case, an uptrend may be initiated, which could push the coin into the upper gray zone.
This is still far from the current value. But in a positive market, as we have seen in the past two months, this is certainly not unlikely. Therefore, continue to keep an eye on XRP’s key zones and trends.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
