Price Analysis

Ripple(XRP) Price Consolidated in Healthy Regions, Will it Smash $0.74 Resistance Levels Now?

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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Feb 1, 2022

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Highlights

    The XRP price is hovering around the same levels for the past 10 days and showcasing a huge opportunity to rally high

    After consolidating heavily in range-bound for a long time, there is a huge possibility of buyers jumping in and uplifting the price above the danger zone

The XRP price after sustaining very strongly at the strong support levels in between $0.75 to $0.77, fell into a deep bearish well to cement at the levels around $0.62. Almost all the crypto asset experienced the same drain but they somehow managed to recover their losses to some extent. But XRP price is still swinging within the same levels with the reduced volatility rate as the daily returns have depleted below 4%. 

The current levels are pretty crucial for the XRP price as the next phase of the rally may be determined here. The huge chances of the buyers jumping in are very much possible as the asset the price is been accumulated in these regions for a long time manifesting its self-assurance of refusing the downtrend. Here if the bulls jump in now, the XRP price may rally more than 20 % to enter one of the notable demand areas. 

The 50-day MA in the daily time frame falls in the high-demand area which is the level from where the asset fell down. And hence the XRP price may surely ignite with a notable uptrend from here, no matter slowly yet steadily.

And hence gaining more than 20% of its value, the asset could eventually clear the upper resistance. Being a high-demand area, a huge influx of liquidity is expected here. 

A slight bounce from here may indicate a bullish outlook and if in case of the asset scrumbles down, then it may test the lower support around $0.5. This could record another 20% crash on the XRP price which could be extremely difficult for the asset to recover in the coming days. 

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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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