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The XRP price has been withdrawn and lost the profit it had registered from his Sunday meeting after the announcement of Trump that the crypto would be included in the Crypto Strategic Reserve. After this price correction, Crypto Analyst Trade City has important support levels that can determine the future process of XRP.
Important support levels for the XRP price
In one TradingView -messageTrade City emphasized $ 3,06717 and $ 1,67220 as critical support levels for the XRP price at the weekly time frame. While analyzing the weekly graph, the analyst noted that after bouncing along the rising trend lineXRP confirmed its outbreak above $ 0.73056, which stimulated the most important bullish leg and sent the crypto to $ 3,06717.
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In accordance with this, Trade City noted that $ 3,06717 is the all time (ATH) and a large food zone. He added that the next bullish leg could start quickly enough if the XRP price could retain above this level. In the meantime, in the case of a price correction, the analyst stated that the only important support that is viable in the weekly period is $ 1,67220.
Trade City revealed that the Relative strength -Index (RSI) Oscillator has left the Overboughtzone and returned to normal levels. He claimed that the bullish scenario for the XRP price is more likely if the RSI overbought conditions again.
Analysis of the daily period
Trade City continued to give an in-depth analysis of the XRP price at the daily period. He stated that the first important observation about the daily period for the XRP price is a strong Bearish divergence on the RSIAs the price, it was sideways within the range between $ 2,02967 and $ 3,30467.
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The Crypto analyst revealed that the trigger for this bearish divergence is a break under $ 2,02967, which still has to be done. The analyst warned that a break below this support level could take place soon due to a decrease in trade volume. If this range breaks down and the level of support at $ 2,02967 is lost, Trade City stated that the XRP price could enter into a deeper correction against against Important fibonacci – Such as 0.382, 0.5 and 0.618.
The analyst noted that these three Fibonacci levels are strong support zones that can prevent further sale. In the meantime, on the bullish side, when the XRP price breaks the advantage compared to its current reach, the analyst assured that a new bullish leg will start, which pushes the crypto to higher goals. The corresponding graph of the analyst showed that the XRP price could collect up to $ 4, so that a new ATH was marked for the crypto.
At the time of writing, the XRP price acts according to around $ 2.32, according to more than 12% in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Adobe Stock, Chart van TradingView.com