XRP Price Retraces Gains From Sunday Rally, This Important Support Level Could Be The Defining Factor
XRP price has been traced retrospectively at Trump’s announcement that it will be included in Sunday’s rally and lost proceeds recorded from Sunday’s rally Crypto Strategic Reserve. After this price correction, Crypto Analyst Trading City has key support levels that can determine the future trajectory of XRP.
Important support levels of XRP price
exist TradingView PostsTrade City highlighted $3.06717 and $1.67220 as key support levels for XRP prices in the weekly timeframe. Analysts point out when analyzing weekly charts, Upward trend lineXRP confirmed its breakout above $0.73056, which triggered a major bullish leg that brought the cryptocurrency up to $3.06717.
Related Readings
In line with this, Trade City noted that $3.06717 is the highest in history (ATH) and major supply area. He added that if the XRP price can exceed this level, the next bullish leg can start soon. Meanwhile, if price corrections are made, analysts say the only viable critical support within the weekly timeframe is $1.67,220.
Trade City reveals Relative Strength Index (RSI) The oscillator has exited too many areas and returned to normal levels. He asserted that if RSI reenters conditions with excessively high, a bullish scenario for XRP prices is more likely.
Analysis of daily time range
Trade City goes further and conducts an in-depth analysis of the XRP price of daily schedules. The first key observation on the XRP price daily schedule, he said, is strong Bearish RSI Differencewhen the price moves sideways within the range between $2.02967 and $3.30467.
Related Readings
The crypto analyst revealed that the trigger for this bearish difference is a break below $2.02967 that has not yet occurred. The analyst warns that a breakthrough could happen soon due to a drop in trading volume. If this range breaks down and the $2.02967 support level is lost, Trade City says XRP prices may be corrected more deeply Key Fibonacci levels For example 0.382, 0.5 and 0.618.
Analysts point out that these three Fibonacci levels are strong support zones, which can prevent further sell-offs. Meanwhile, on the bullish side, if XRP’s price stands out from its current range, analysts are guaranteed to start a new bullish leg that pushes cryptocurrency toward higher targets. The accompanying chart from analysts shows that the XRP price could be as high as $4, marking the new ATH for cryptocurrencies.
At the time of writing, the XRP price is trading at about $2.32, down more than 12% in the past 24 hours. data From CoinMarketCap.
Featured images from Adobe Stock, charts from TradingView.com
