Ripple price remains under pressure despite recouping some of the week’s losses. The prior support zone of $1.1500 is now a crucial resistance level for the altcoin.
XRP’s price movements are comparable to those of Bitcoin and other altcoins. BTC, which is the leading crypto by market cap, is hovering around the support zone of $60,000 after dropping to $58.538.65 in the previous session.
XRP has pulled back after rebounding in the previous session. Its move past the support-turn-resistance level of 1.1500 on Wednesday turned unsuccessful. However, on the lower side, the lower support zone of 1.0500 has remained steady.
At the time of writing, Ripple price was up by 4.01% at 1.1400. on a two-hour chart, it is trading below the 50-day EMA and slightly above the 25-day EMA. Besides, the formation of the bearish head-and-shoulder pattern points indicates that the crypto will remain under pressure in the ensuing sessions.
In the short term, I expect 1.0500 to remain a steady support zone for the altcoin. On the upside, it will probably experience resistance along 1.1500. As such, Ripple price will likely trade within a horizontal channel. In that case, the support level of 1.0500 and Thursday’s high of 1.1621 will be the lower and upper borders respectively. Notably, a move below the channel’s lower border will have the bulls defending the crucial support at 1.0000.
This post was last modified on %s = human-readable time difference 05:49