XRP broke down since the technical weakness put a lot of pressure on the asset and the selling pressure at $0.60 proving to be of major importance for the cryptocurrency to surmount so let’s check on the XRP price analysis in today’s news.
Where will XRP stand in the mid-term will depend on whether this level continues to pose as a strong resistance. If it breaks above this level, the cryptocurrency could see a huge momentum that will create a leg higher again. One trader spoke on XRP’s price action and market structure explaining that there are some serious warning signs that indicate a downside pressure that will likely be imminent for the asset. XRP broke down because of technical weakness that came despite the upcoming airdrop that was looked upon as a bullish catalyst.
There are a few technical levels that if surmounted, could bolster the market structure and help it push higher in the days and weeks ahead. Failing to reclaim the levels will be open the gets for serious downsides. At the time of writing, XRP is holding below 6% with a current price of $0.58. This could make a serious rebound from the lows of $0.54 and it is important to note that the crypto asset is trading well below the recent $0.90 high. The $0.60 level seems to be pivotal for the asset and breaks below will move it into bears’ favor where the bouts of trading above it will favor the bulls.
How will XRP react to this level in the weekly close will give us some more insights into where the trend will go from here. One trader explained in a tweet that XRP is now in a precarious position with the recent crash spelling trouble from where it trades next. He pointed to a break below the 200-day EMA on the 1-hour charts which show the market structure is about to degrade:
“Beginning to look like the worlds biggest shit coin again. 200 EMA on the 1 hour, lets see if we can hold it and get back in structure. If not rip XRP.”
The upcoming few days will shed some more light on the long-term importance of the rally but another downtrend could lead to full deletion of the gains.
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