Ripple (XRP) Sits On Key Support; Here Is What Could Happen If $0.45 Fails
02 November 2022 - 09:01PM
NEWSBTC
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) Related
Reading: Brace For Impact, Bitcoin Price Holds At $20,400 Ahead Of
FOMC 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 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. Related Reading: Bitcoin Bullish Signal: Whales With
1k-10k BTC Have Been Accumulating Featured Image From Shutterstock,
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