2019-2-7 19:49 |
XRP Daily Chart – Source: Tradingview.com
Price action for XRP broke below a key support level yesterday at $0.296.
Price is following up today with a rise, but the increase is taking place on lower volume and is failing to erase the losses of yesterday.
Price had been testing the support level on Monday and Tuesday and broke significantly below yesterday.
Each consecutive test of a level makes it weaker with fewer buyers to hold the level on each test.
XRP 4-Hour Chart – Source: Tradingview.comThe last time price broke below this level; it rose back above with a significant spike that took place across the market on large amounts of volume.
If the same does not take place this time, it is likely that XRP will meet resistance at the $0.296 level.
It is likely that traders will look to take short positions as price approaches this level which may result in price failing to rise back to this level and continuing to decrease.
The next key support level to monitor is the December low at $0.277.
Key Takeaways: XRP broke below a key support level yesterday after the testing the level on Monday and Tuesday. Price is following up today with a rise but on lower amounts of volume. The key levels to monitor are $0.296 as resistance and $0.277 as support. Latest Ripple News:Ripple’s XRP Price Action – XRP Trades in a Fragile Position
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Price Action: Ripple’s XRP Breaks Below Support was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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