Following a slight crackdown from a range two weeks back, Ripple XRP saw a fast recovery and jumped consistently until the price broke above the range. It is looking highly bullish following a massive surge in volatility.
Following past months of broader price correction, XRP appeared to have found solid ground above the $0.38 level as it saw a significant recovery over the past two weeks of trading.
This period of recoveries has seen the asset through its most volatile buying session since last November with no signs of slowing down at the time of writing.
Surging through several resistance levels in the past week, XRP broke out from a tight trading range and is currently back in an upward range, looking highly bullish on the daily timeframe. It is approaching April’s high but whether the price will break through is yet to be ascertained.
A rejection under this high could trigger a retracement before picking up again. But if the price breaks higher, we can expect a massive liquidity run to the top before breaking out of the structure, which could set the market for more rallies in the future.
Technically, the bears appeared to have lost control from a short-term perspective. Retaking the monthly low could bring them back into full action.
XRP’s Key Level To Watch
Source: Tradingview
After passing through several resistance levels, XRP is still aiming for the $0.643 resistance level – marked as April’s high. If it reclaims this resistance, the next surge levels would be $0.7 (last December’s high) and March’s $0.744 high.
For a retracement, the major support levels to watch for a bounce are $0.57, $0.53 and $0.478. A broader retracement could drag the price to $0.45, $0.419 and potentially back to the $0.383 level – the monthly low.
Key Resistance Levels: $0.643, $0.7, $0.744
Key Support Levels: $0.57, $0.53, $0.478
Spot Price: $0.616
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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