Ripple’s XRP continues to trade in a range similar to the overall market including market leader Bitcoin.
XRP has been trading in a range from $0.29 to $0.31 since the bearish market conditions which resulted in price breaking below support at $0.35.
The main catalyst for the market halting its drop seems to have been the market leader Bitcoin meeting support at the $3300 level.
If XRP continues breaks below the range it is now trading in, the next clear level for the price is $0.25.
This is near the 2018 low for XRP which has also been an area of buying on previous price drops as price bounced when it approached this level.
If price can manage to break above the trading range, the next clear resistance point is $0.35 which provided support as XRP declined during bearish market conditions.
The hourly chart shows in closer detail how price action of XRP has behaved while trading inside the range.
Although the price has moved outside of the range on numerous occasions, it has failed to close outside of the range and has moved back inside each time.
Price has been behaving more bullish recently and currently trades above $0.3. The recent performance of Bitcoin is likely a big factor in this as Bitcoin has recorded more bullish movements since finding meeting support at $3300.
Bitcoin represents around 55% of the total market cap, and its movements have a big impact on those of altcoins.
- XRP trades in a range from $0.29 to $0.31.
- Prior to trading in the range, XRP broke through support at $0.3 during bearish market declines.
- Next key support level for XRP is $0.25, and the next key resistance level is $0.35.
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