XRP / USD has seen a rapid sell-off over the past two days and significant moments of medium-term support have proven to be vulnerable.
XRP / USD broke through the 60 cent price level last night. A slight upside reversal has taken place and the current price of XRP / USD is currently above the 61 cent ratio, but after hitting a high of around 77 cents over the weekend, speculative buyers won’t feel not better. The vast cryptocurrency market remains in a nervous state and Ripple couldn’t hide from the onslaught of selling momentum.
Significant medium-term support levels are now in sight for technical traders who may be considering further downward movements. XRP / USD is trading in a range of values that it last touched in the first week of April. Significantly, XRP / USD is trading below the depths it saw on the 23rdrd of May when the large cryptocurrency was rocked by a massive amount of sales. Resistance junctions near the 64 and 66 cent marks should be watched closely; if they can’t be dug higher, it can create another dose of bitter notes and may indicate further price erosion.
Support near the 60 cent level should be watched. XRP / USD traded near a low of 57 cents yesterday and if the current price action continues to see increased bearish activity, speculators could not be blamed for believing that this lower value could be tested. again in the short term. XRP / USD is a volatile speculative business at all times and due to the nervous sentiment generated within the vast cryptocurrency market traders will need to be prepared for additional quick conditions.
XRP / USD may seem cheap to bullish speculative traders who believe digital currency will win. However, the trend in XRP / USD has been extremely bearish and until there is a change in sentiment and resistance levels are actually punctured, staying a short seems like the logical decision.
If the current price range of XRP / USD is unable to dampen downward momentum, traders will need to consider 6-month charts to get a perspective on potential price destinations for Ripple. The 60 cent support level is crucial and, should it prove to be vulnerable and see sustained trade below, traders may believe that a test of lower value depths from February could be legitimate targets. .
Short-term ripple outlook:
Current resistance: 0.64600
Current support: 0.60200
High Target: 0.68000
Low target: 0.55000