As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s recent price action. After witnessing a near-70% surge from its previous lows, I identified key support and resistance levels for XRP: $0.54 as the key support and $0.68 as the resistance.
After XRP rallied by almost 70% from its recent lows, the price entered into a pullback.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Pullback in Progress
Based on my extensive experience in the cryptocurrency market, I’ve seen many rallies take place where a particular coin, such as XRP in this case, comes close to reaching significant milestones only to be halted by sellers. This week, I witnessed XRP nearly touching 64 cents during an impressive surge. However, my past encounters with the market have taught me that such progress can be fleeting, and indeed, it was not long before sellers re-emerged to put a stop to this advancement. The ensuing pullback is still ongoing at the time of writing this post, underscoring the volatile nature of the cryptocurrency world.
2. Key Support Found
As a crypto investor, I’ve noticed that sellers have been in control for the past two days, driving down the price of XRP. However, despite this, buyers have managed to defend the 54 cent support level. If we can maintain XRP above this crucial mark, there’s a chance that the rally will pick up again later on.
3. Bias Remains Bullish
As an analyst, I’ve noticed a recent pullback in price action, but my overall outlook remains optimistic. For instance, the daily Relative Strength Index (RSI), which was previously overbought, has now retreated to around 60. This potential dip could serve as a solid foundation for the next bullish wave. Provided that the RSI stays above the 50-point threshold, my bullish inclination persists.
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2024-07-19 10:34