XRP Daily Chart – Source: Tradingview.com

XRP wrapped up last week with bearish price action yesterday.

Over the weekend, the price of XRP dropped from resistance at $0.312 to support at $0.29.

Price has already tested the $0.29 support many times with each progressive test making the level weaker.

Each test results in fewer buyers to hold the level.

If the price drops below the $0.29 level, the next key support to monitor is the December low of $0.277.

Much of the market has been recording small losses today, but some top cryptocurrencies such as Tron and Litecoin have been outperforming and recording increases.

Litecoin has led the market during trading periods in the past and its increase today may be bringing slightly more buyer momentum into the market.

XRP 4-Hour Chart – Source: Tradingview.com

Price has already tested the $0.29 level as shown by the above 4-hour chart.

A break below will be closely monitored by traders but may be difficult to enter positions as price may move quickly once it breaks below.

Traders may look to enter short positions in the event that price retraces to $0.29 after breaking below.

Key takeaways:

  • XRP finished last week with bearish movements moving from resistance at $0.31 to support at $0.29.
  • Price has already tested $0.29 a number of times. A drop below this level would mean the next clear support level to monitor would be the December low at $0.277.
  • Price has already tested $0.29 with each progressive test making the level weaker.
  • Increases from top cryptocurrencies Tron and Litecoin may be having a bullish impact on other cryptocurrencies.

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