XRP was hit with the first wave of substantial selling pressure since the beginning of market growth. The asset has lost around 5% of its value, and without immediate support beneath the price, things may turn ugly.
At about $0.55, XRP finds its first significant level of support. As a psychological barrier for traders, this level, symbolized by the 50-day moving average, is important. If XRP is able to maintain its position above this barrier, it may stabilize and even rise once more. But this support might not hold if the selling pressure keeps up.
The approximate $0.50 support level is the next one. A reliable level of support during downtrends at this price point is indicated by the 100-day moving average. In the event that XRP drops below $0.55, this level may act as a safety net to stop further losses. Traders frequently search for buying opportunities at these levels in hopes of bringing the price back.
The 200-day moving average shows that a more crucial support level is at $0.45. This level is frequently regarded as a long-term trend indicator. Recovering from a decline below this level might indicate a longer-term bearish trend for XRP.
A consolidation phase may ensue if XRP maintains its hold above the $0.55 support level, after which a possible rally toward the $0.65 resistance level could occur. Testing higher levels around $0.70 may be possible if this resistance is broken. However, we may witness additional declines toward $0.45 or even lower if XRP is unable to hold onto the support at $0.55 and $0.50. The attitude of the market will be very important in figuring out the direction of XRP’s price.
