Whats Next For Ripple Following the Drop Below $0.6? (XRP Price Analysis)

-The crypto market experienced a sharp drop yesterday, liquidating many long positions. A lot of cryptocurrencies are approaching their long-term support levels, and it remains to be seen how bulls will defend them.

-On a daily time frame, XRP moves down inside a descending channel (in yellow). The intersection point of the channels midline with the horizontal support at $0.5 (in green) is a crucial level to monitor.

-If the bulls defend the support level at $0.5, one can expect the channel top to be retested at around $0.8. Otherwise, the bears have the potential to push the price down to as low as $0.37.

-Based on the current sentiment, where the market seems to be in the doubt/fear phase, and buyers are not very inclined to make big purchases, it is important to see how the price will behave around the horizontal resistance at $0.63 (in blue) before drawing any further conclusions.

XRP Daily 6th May min Whats Next For Ripple Following the Drop Below $0.6? (XRP Price Analysis)
Whats Next For Ripple Following the Drop Below $0.6? (XRP Price Analysis) 2

Leave a Reply