Ripple price is on a rebound after dropping past the crucial level of $0.8000 to an intraday low of $0.7568 earlier on Monday. Notably, $0.7500 was an evasive level for the better part of July. As such, a decline past this level is likely to reverse the current bullish sentiment.
Other altcoins, including Ethereum, are exhibiting a similar trend in today’s session. The second-largest cryptocurrency dropped to $2,893.60 earlier on Monday before rebounding to trade above its crucial level of $3,000.
The bulls are attempting to retest Sunday’s high of 0.8372. The session’s peak was its highest level since mid-June. However, it pulled back to 0.7568 earlier on Monday. Since hitting July’s low of 0.5130, it has risen by about 56.99%. At the time of writing, it was up by 5.21% at 0.8166. Since mid-last week, it has held steady above the crucial level of 0.7000. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, Ripple price is likely to trade above 0.8000 as the bulls attempt to push it past Sunday’s high to its next target at 0.8500. On the flip side, a move below the psychological level of 0.8000 will likely place the support level along the 25-day EMA at 0.7760 or lower along the 50-day EMA at 0.7500.