XRP price plunging significantly lower ib near-term, with the price regions around $0.24 and $0.21 both being strong support levels
XRP price has struggled to find its way forward in recent weeks as its price action has mostly correlated deeply with Bitcoin and Ethereum. At the moment, the $ 0.28 average area is massive resistance, likely to halt the price growth of XRP in the short term.
XRP price faced massive resistance because it appeared weak in the face of Bitcoin’s development
At the time of writing, XRP is trading around $ 0.28, down about a negligible 1% over the past 24 hours. This is the price around the price it has been trading for the past few days, as every push to $ 0.3 is quickly rejected.
Analyst Smokey noted that the weakening signs XRP is showing against its USD trading pair might appear due to the weakness against Bitcoin.
He explained that the XRP / BTC pair is currently going through a bearish test as it struggles to overcome a critical resistance level:
“The BTC Pair does look [bad] unless it manages to reclaim .000024 on the daily/weekly. For now, the daily looks as though it’s just a bearish retest.”
While talking about XRP’s short-term outlook, Crypto analyst Michael notes that he is expecting XRP to fall further before it can break through the macro resistance between $ 0.31 and $ 0.33.
Further, he is especially watching the $ 0.24 and $ 0.21 levels:
“XRP: Well, we’ve been saying these green zones for weeks now and we’ve got quite close. Patience pays. I think we’ll see some more consolidation before continuation on XRP. But yes, paying some attention.”
Well, we’ve been saying these green zones for weeks now and we’ve got quite close.
I think we’ll see some more consolidation before continuation on $XRP.
But yes, paying some attention. pic.twitter.com/KEzbCtYX7r
— Crypto Michaël (@CryptoMichNL) August 31, 2020
Whether or not XRP will break out of resistance is located just above the current price zone will provide insights into its short-term outlook.
You can see the XRP price here.
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