- Ripple price drops in the intraday price movement
The crypto market started the day with a bearish trend. The entire market was seen falling along with big forces like Bitcoin, Ethereum and many others. Ripple (XRP), which was performing amazingly well from quite some time was also seen falling since the beginning of the day.
We are anticipating that the fall is due to market pressure which is expected to be lifted soon. The current trend in the market is volatile and hence the fall in the intraday chart is likely to be short-lived.
The price was seen touching a high at $0.298265 and a low at $0.284174 in yesterday’s chart. Let’s see the current chart of Ripple.
XRP to USD Price Analysis:
The 2-month graph is reflecting a recovery in the XRP price. Starting from the month of August, the price started falling. The major fall was recorded when the price slipped from $0.331 to $0.236 by 28.76%.
Later, the price escalated and jumped to $0.285 by 21.04%. However, the price fell immediately and closed at $0.258 with a loss of 19.63% during the monthly price movement.
Last month was quite moderate in the beginning as the major uptrend took place after September 15, 2019, when the price jumped from $0.260 to $0.330 by 25.41%. The coin immediately fell to $0.213 with a loss of 34.89%. The last few days of the month bought recovery in the price. The month closed at $0.258 with a loss of 21.23%.
The XRP price escalated in the ongoing month trading from $0.258 to $284 by 10.47%.
The calculated resistance and support levels are as follows:
|Resistance Level||Price||Support Level||Price|
The current price has breached the immediate support level as it is at $0.284. The price could break the next level at $0.276 too. However, the price is anticipated to improve soon, but intraday traders are not expected to earn the profit.
For long-term investment, Ripple is likely to go well. The specified period would help the traders earn maximum profit.