XRP Price

XRP price has fallen -8.90% the last 7 days, following most altcoins to the downside. As XRP price inches closer to $0.26 support levels, what technicals should be on watch right now? We outline some important levels that traders and investors will be watching in the near term.

XRP Price 

At the time of this reporting, XRP is trading at $0.2654, which is down about -3.60% over the last 24hr. XRP is following the market trend, as most cryptocurrencies in the top 25 by market capitalization have sold off the last week.

XRP Price And Volume 

So far this year, XRP price has struggled to crack strong resistance around $0.35 levels. The bull rally in late July had strong volume, but ultimately marked the second time since late February that XRP failed to rally above $0.35 resistance.

Despite XRP being up +16.50% over the last month, we have recently seen a sell-off that has slashed year to date momentum. In addition, XRP trade volume is seeing some of the lowest levels of the year which is pushing down sentiment. In the chart below, it’s evident that low trade volumes are a primary catalyst behind bearish price action right now. Similar to many other cryptocurrencies, price sentiment typically follows volume. In the chart below, there is a clear representation of this over time.

Source: cryptocurrencychart.com

XRP Technical Analysis 

With XRP price approaching strong support levels at $0.26, this will be an important price level that could be crucial in the near term. If XRP price fails to hold this level, you could very well see another strong leg down.

XRP Price

Why Is $0.26 An Important Level?

If we look at historical price action this year, $0.26 has been an important support level two other times. In mid November and March, we see above that XRP rejected $0.26 support levels and saw significant sell-offs.

  • November $0.26 rejection = -35% sell-off
  • March $0.26 rejection = -46% sell-off

50 Day Moving Average 

In the chart above, we can also see that the 50 day moving average is hovering right around the $0.26 price level. During the most previous sell-off in March, you saw the same exact setup where the 50 day moving average sat right at $0.26. With this being said, it will be extremely important to watch this level in the near term. Based on historical price action, it is best believed that XRP could go into a stronger bear mode if it rejects these levels.

On the flip side, XRP could very well bounce off $0.26 and build even stronger support. As long as it does not close below this level, many believe this recent sell-off was “natural” and that XRP could be gearing up for another push to resistance at $0.30. As discussed above, trade volume will also be important to watch with XRP. With trade volume coming in at some of the lowest levels of 2020, it is expected for this to reverse sooner or later.

XRP Price Performance 

  • 7 Day: -8.90%
  • 30 Day: +11.77%
  • 90 Day: +31%
  • 1 Year: +4.3%

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

 

You May Also Like
Binance Exchange Launches SHIB-DOGE Trading Pair

Binance Exchange Launches SHIB-DOGE Trading Pair

Binance, one of the largest crypto exchanges in the world, has become…
IDEX Crypto Exchange

IDEX Selects Quantstamp for Code Audit of IDEX 2.0

SAN FRANCISCO – IDEX, a leading decentralized cryptocurrency exchange (DEX), today announced…
Crypto PR Agency: Boosting Your Crypto Project's Success

Crypto PR Agency: Boosting Your Crypto Project’s Success

In the fast-paced world of cryptocurrencies, building a successful crypto project requires…
Akon City

Akon City Becoming More Necessary As COVID19 Causes A Digital Push

Akon, the Senegalese American singer and songwriter, is not slowing down with…
Crypto Price Weekly Analysis 12/23: BTC, ETH, BNB, ADA

Crypto Price Weekly Analysis 8/5: BTC, ETH, XRP, BNB, ADA, SOL

Bitcoin and other altcoins have failed to score any impressive bullish moves…
Popular Crypto Casinos in USA

Popular Crypto Casinos in USA

Crypto casinos are online gambling sites where you can withdraw your winnings,…

China’s Leading Tech Firms Join Blockchain Committee With Members Such As Baidu & Huawei

China recently launched a national blockchain committee, which will steer the development…

Singaporean Charged With Stealing $5 Million Worth of Cloud Services to Mine Crypto

A Singaporean citizen was recently charged with stealing the identities of US residents and…
Modern Business: Charting Success in the Digital Age

Modern Business: Charting Success in the Digital Age

In today’s fast-paced world, you can’t afford to rest on your laurels.…

Tokenized National Currencies: Measure that Could Save Facebook Libra

There has been growing skepticism about the launch of the Facebook Libra…