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Cryptocurrency market volatility is raising investor expectations regarding the future performance of XRP. Although XRP’s price appears to be maintaining its gains around $0.60, it faces testing some critical levels. So, what levels are critical for the XRP price?
These Levels Should Be Monitored in XRP’s Price
A close below the $0.5720 support zone could steer the price into a downward momentum. However, currently, XRP is trading below $0.640 and the 100 simple moving average. A significant downtrend line seems to be capping the price around $0.640.
After finding support at $0.5720, the XRP price appears to have gained new momentum. Before falling below this support level, the price managed to break above the $0.5880 and $0.600 resistance levels. However, bears became active again around $0.640.
Currently, XRP is trading at the $0.6180 level and below the 100 simple moving average. Yet, the significant resistance point remains around $0.640. We also face a major hurdle at $0.6580. A close above this level could trigger a strong upward movement and start a rally towards the $0.700 resistance level.
Further Losses Likely for XRP Price
Cryptocurrency XRP may initiate another decline if it cannot surpass the $0.64 resistance area. The first support on the downside is at $0.600. The next main support level is at $0.5720. A downward break and a close below $0.5720 could lead to lower levels. In such a case, the price could retest the $0.5250 support zone.
Looking at technical indicators, we see that the MACD for XRP/USD is currently losing momentum in the bullish zone. The RSI for XRP/USD is currently above the 50 level. We see that the critical support levels for Ripple (XRP) are $0.6, $0.572, and $0.525. If Ripple can overcome the $0.64 resistance, a journey towards $0.7 could commence.
Ripple (XRP) investors should note that this cryptocurrency is significantly influenced by external factors rather than its internal dynamics. This is because Ripple holds 40.7 billion XRP and sells them monthly. This situation is the biggest obstacle to price increases. Additionally, there is an ongoing lawsuit against Ripple.
