The global crypto market witnessed another dip, losing 3.81% in 24 hours. Bitcoin Price reverses below $44k. Major Altcoins Following the same trend with more than 5% loss. XRP coin price plunged 6.77% after surging of more than 50% in last 7 days.
XRP Price Analysis
XRP price failed again to clear the USD 0.920 resistance. It’s likely that XRP/USD is about to pull back from its prior highs and make a lower low. There was a fresh bearish reaction and this time the price even traded below the $0.85 support. The next major support is near $0.82.
The price of Ripple has dropped to $0.83. This is part of a larger positive trend, and we believe that XRP holders will benefit from it. Buyers will most likely push the price back towards $0.90, where it might perhaps reverse course, as support at $0.85.
There’s still a chance for XRP/USD to make a lower low at $0.80, so there’s always the possibility of additional drop. This is predicted to settle around $0.85-$0.86 before resuming its upward trend toward $0.90.
Overall traders can expect signs of a correction in the days ahead. XRP/USD will likely drop towards $0.80 soon before entering another rally to heights unknown.
XRP ready to take out the next resistance?
XRP is due for another phase of its climb up to the next key resistance level, according to a famous crypto strategist and trader.
Credible Crypto, a pseudonymous analyst with Twitter followers, claims that XRP’s Bitcoin pair (XRP/BTC) is showing symptoms of developing a new market structure.
He explains that on XRP/BTC, that is the strongest daily candle we’ve seen in 6 months. We’ve broken through a critical cluster of resistance as well as our falling wedge downtrend line. It’s possible that I could have averted the breakdown I was worried about. If this move is legitimate, we’ll have additional confirmation in the following days.
Looking at the weekly XRP/USD chart, the analyst verifies his thesis, forecasting a modest retracement before a breakout to $1 and then $1.60.
“Now that a couple of days have passed- this is what I would like to see (and expect) moving forward- as long as .70-.80 is held I expect continuation to the upside.”
