XRP entered the Bearish territory, its price falling below the bar of $ 3.10 at the time of the editorial staff. The graph shows a movement down powerful followed by a small rebound, referring to a strong sale pressure earlier in the session.
Despite the current weakness, market analyst Ali Martinez shared a more positive perspective. According to him, the sequential TD indicator has flashed a purchase signal, which means that XRP can be ready for a short -term rebound. The analyst wrote: “Buy XRP now”.
However, the sudden XRP decision was not only the noise of the market. Analyst Casi Trades said it was a clear sign that algorithms and liquidity strategies were performing the show. After the initial fall, XRP properly touched the following key level: Fibonacci’s retrace from 0.382 to $ 3.04.
Eyes on $ 3.21 for confirmation
From now on, the key level to watch is $ 3.21, the same level of Fibonacci. 236 which was previously lost. Recovery could point out that the background is in place and that the next upward movement is ready to start. If he fails, XRP could again revisit the level of $ 3.04, although the current graphic signals show that the bottom is perhaps already in place.
What is the next step for XRP? (In the short term)
The $ 3 mark turns out to be an important support area. XRP recently touched this level after going from around $ 3.40. If the price remains greater than $ 3, this is a good sign for buyers. If it falls below, the next support could be closer to $ 2.90.
Uplining, if XRP rebounds again, the resistance is expected between $ 3.30 and $ 3.40, and maybe about $ 3.60 if the haus feeling returns. These levels could slow down any short -term ascending movement.
XRP was quite sensitive to changes in the domination of bitcoin on the market. When the domination of Bitcoin drops, XRP often sees big gains. But even small recovery in the domination of Bitcoin can reduce the price of XRP.
