Sunday, May 19, 2024

Ripple (XRP) Sits On Key Support; Here Is What Could Happen If $0.45 Fails

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  • XRP’s price slowed down after showing so much strength as it rallied to a high of $0.55.  
  • XRP could suffer retracement as the price site on a crucial support area, holding the price off from sellers with hopes of a rebound. 
  • XRP’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

The price of Ripple (XRP) showed some incredible price action as the price rallied from a low of $0.3 to a high of $0.55 after the announcement broke out about winning its lawsuits that have dragged the price into the mud in the past. The crypto market has enjoyed a little bit of relief bounce across all most assets, with Bitcoin (BTC) and Ethereum (ETH) leading the charge as most crypto assets, including MASK, produced over 200% gains in less than 7 days. With uncertainty in the crypto market creeping in, Ripple could suffer a setback in price as it sits on key support. (Data from Binance)

Ripple (XRP) Price Analysis On The Weekly Chart

The crypto market is looking increasingly welcoming as many altcoins continue producing over 200% gains over the past 7 days of breaking out of their range-bound movement.

The past weeks were tough for the crypto space, with many altcoins struggling to hold up their key support areas. After enjoying so many rallies in previous weeks, the week looks more mixed. 

XRP’s price has had a great run but has faced a setback in rallying past the high of $0.55 to a region of $1, as anticipated by many. After its weekly close of above $0.47, the price of XRP rallied to a high of $0.55; the price faced a minor rejection to break higher to a region of $0.7 and possibly $1.

The price of XRP has maintained its bullish structure above the $0.45 region, but this could be fading away as the price has yet to be accompanied by real volume.

Weekly resistance for the price of XRP – $0.55.

Weekly support for the price of XRP – $0.45.

Price Analysis Of XRP On The Daily (1D) Chart

Daily XRP Price Chart | Source: XRPUSDT On

In the daily timeframe, the price of XRP continues to be strong as bulls try to hold the price above its key support zone at $0.45, forming strong support to hold off the price from sellers.

XRP currently trades at $0.455, just above its key support on the daily timeframe after successfully rallying from this region several times to a high of $0.55 before being rejected. 

The price of XRP needs to hold above this region to avoid bears from taking over and driving the price down to a low of $0.35, where the price of XRP has previously formed good support in the past.  

Daily resistance for the XRP price – $0.55.

Daily support for the XRP price – $0.45-$0.35.

Featured Image From Shutterstock, Charts From Tradingview

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