Ripple (XRP) Hits Support at $0.58; Buy Again?

XRP sellers dodged a slight consolidation, stretching between $0.87 and $0.68, on 25 April. Losing the foothold freed trapped bearish strength and dragged the remittance token towards the January bottom support floor at $0.58.

Vital Points

  • XRP price plummeted by nearly 25.56% within the past two weeks.
  • Possible fallout from $0.55 would cancel XRP’s bullish outlook.
  • Ripple’s intraday trading volume stands at $1.8 billion, showing a 4.1% drop.

The remittance token has seen its price movements restricted within the barrier of $1 – $0.55 since the bloodbath of November 2021, which saw XRP plunging beneath its psychological mark of $1. For that reason, the cross-border transaction token saw range-bound rallies for five months as it awaits genuine breakouts.

The latest reversal from the resistance at $0.88 slumped the alt to the $0.685 local foothold. Moreover, buyers triggered a brief relief rally that encountered an almost immediate reversal to breach the footing at $0.685.

For now, XRP has its price hovering around $0.6, indicating a 31.8% loss from the $0.88 swing peak resistance. The alt gradually approaches the January lower foothold near $0.55, a significant accumulation level for traders.

If Ripple price bounces from this foothold, the buying momentum resurgence will propel the alt to $0.68, then $0.88, extending the range-bound rally for more sessions.

On the other hand, losing the $0.55 support flows would depict downside resumption and may catalyze a 31% fall towards the $0.4 value area.

XRP Technical Indicators

The somewhat flat 50, 100, and 200 Exponential Moving Averages highlight XRP’s sideways rally. Nevertheless, the token moving under these EMAs plus a possible bearish cross between the 50EMA and 100EMA affirms sellers’ preference.

The increasing gap between the signal lines and Moving Average Convergence Divergence show surging bearish momentum for the altcoin.

  • Resistance levels – $0.73, then $0.78
  • Support floors – $0.7m then $0.63.

Ripple’s struggle comes as the crypto market battles dominance bearishness. The market could not ensure stable surges as recovery attempts encountered immediate downtrends. While publishing this content, the market value of all cryptocurrencies stood at $1.72 trillion, dropping 2.58% within the past 24hrs.

Stay tuned for more updates.