The price of XRP has been under pressure recently, and the merchants look closely at certain key levels on the graphics. After recently reached a summit of $ 2.47, XRP had trouble staying stable and was stuck in a downward trend.
At the time of writing the editorial staff, XRP is negotiated at around $ 2.17, recovering slightly after plunging a hollow of $ 2.13 earlier. The price is fighting to stay above the significant average level of $ 2.15, but it was not easy.
Important levels to monitor
Currently, XRP retains a large Fibonacci support area between $ 2.10 and $ 2.15. This level has provided solid support in the past, and the bulls will have to defend it to avoid other losses.
If the price drops less than $ 2.10 and confirms with daily closure, things could get worse. In this case, the next levels of support to watch would cost about $ 2.05, then may be closer to $ 2.00.
A break less than $ 2.00 could be bad news for XRP, with the risk of falling to $ 1.80 to $ 1.70.
Resistance uphill
On the rise, there is a difficult resistance pending between $ 2.30 and $ 2.34, with more sellers probably around $ 2.44, then between $ 2.56 and $ 2.62. Unless XRP can unravel these areas, it is unlikely that powerful bullish movements are soon bullish movements.
The recent drop in XRP follows a broader weakness on the market. Bitcoin and other major cryptocurrencies also dropped and tested the main levels of support after uncertainty about the new American prices weighed on the feeling of investors.
However, there is a silver lining for XRP holders. Ripple’s long -standing legal battle with the dry could approach its end, and if the result is favorable, it could reshape the regulatory status of XRP. It would be a positive for the token and could give its price a boost well necessary in the near future.
