Price Analysis

Ripple’s XRP Price Approaching the Death Levels, Will it Make it or Break it?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 11, 2022

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Highlights

    XRP price is fast approaching the lower and the crucial support levels which may halt the rally for an extended period

    The price is hovering along the crucial levels around $0.7, and if failed to sustain at these levels, the price may further slip down to $0.6 too

The crypto space currently is experiencing a huge sell-off as almost all the assets are squeezing the gains at a larger pace. While the bulls are attempting very hard to hold the price above the crucial support, the XRP price is on the verge of shedding huge gains very soon. Once the asset plunges below certain levels, then the price may be primed to visit the lower support around $0.6 very soon. 

XRP price for a very long time has been swinging within a descending trend unable to break through the depleting trend. In the due course, the price attempted a breakout towards the immediate resistance which was been rejected mercilessly. And hence the bearish trend appears to have validated as the price is now primed to hit the lower support at $0.6 very soon. 

Also Read: This is Mid-Halving Has Impacted the Bitcoin Price, What Next For BTC Price?

The price during the early trading hours broke down from the symmetrical triangle and tested the crucial support levels. It is very important to hold these levels as the price has also formed a double top pattern, whose neckline resides along with the lower support levels. If the XRP price fails to sustain at these levels, then the price may slide down towards $0.6 initially. And if it also fails to sustain here could plunge and revisit lower support at $0.55. 

The trade set up for the Ripple’s XRP price also appears to have been set up within a bearish plot. While most of the assets are maintaining a deep descendant trend, the XRP price may also face a breakdown and slide towards the lower support. Further on acquiring strong support, the asset may attempt a strong flip which may not be as strong as expected. 

Also Read: Ethereum May Not Hold $3000 Levels For More time, ETH Price Could Hit These Levels Soon!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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