Is this a problem or an opportunity? Ripple (XRP) price rating
XRP has been performing well with Bitcoin (BTC) over the past few months. However, the price has fallen recently, falling below $ 0.50 on December 14. The decline in the price of XRP over the past four days has exceeded 15 percent.
XRP’s price rose from $ 0.20 to $ 0.80 in the summer. There is a rally of about 300 percent. But there has been a recent decline.
We’ve gathered comments from full-time investor Michael van de Poppe on the Amsterdam Stock Exchange to take a closer look at key levels for XRP, which has seen a correction after its big price rise.
XRP up almost 300 per cent after breaking long-term downward trend
XRP’s daily chart against the US dollar indicates a major break in the long-term downward trend. This was triggered after the support / resistance change of $ 0.22, after which the price of XRP began to rise rapidly. With this rapid rise, the resistance zone of $ 0.30 was exceeded in November.
The price of XRP, which rose from $ 0.75, has hit its highest level recently. It even changed hands at $ 0.90 on some exchanges. However, the upward trend ended as the price has since seen a significant correction.
The announcement of Airdrop, which raised the price of the asset in the vertical movement, also excited investors.
When a correction occurs and the asset price returns to average in such a rapid upward trend, there is often frustration in the market. Yet lost excitement can offer great entry opportunities for investors and traders.
The first major support area is on the heavily traded $ 0.45 line. If this level breaks, the next main support zone is between $ 0.30 and $ 0.34.
The decline is clearly visible in low time periods
Low time zone charts usually show the current trend, and this is then reflected in the chart with higher time zones. The above table is a good example of the formation we are talking about.
The price of XRP reached $ 0.75 on the current upward trend and then fell towards initial support. Initial support for this period was between $ 0.45 and $ 0.49. Then there was a 50 percent jump.
Since the aforementioned jump, the price of XRP has entered a downward trend, gaining lower peaks and lower bottoms. Every previous level of support has become resistance, with the price constantly falling.
The drop resulted in a retest of the $ 0.45 to $ 0.49 zone.
XRP / BTC pair close to support
Looking at the BTC pair, similar levels will be followed after XRP’s significant correction, especially in higher timeframes.
The XRP / BTC pair could not rise from 0.00003650 Satoshi to 0.00003800 Satoshi. Then the fall began. As the chart shows, this correction is likely to continue until it reaches somewhere between 0.00002400 and 0.00002500 Satoshi on the daily chart. If there is support in this area, there will be a potential jump towards the Satoshi area from 0.00002950 to 0.00003050.
Moreover, the possibility of such a jump is not uncommon. This region will be tested for the first time since the sudden price change. It should not come as a surprise to XRP that the rally has started, albeit slightly. In other words, the value of XRP against the dollar will temporarily remain in the low zone.
The opinions and comments expressed here belong only to the analyst. It may not reflect coinotag’s views. Every investment and trading move involves risk. You should do your own research when making your decision.