The crypto market has been booming since Bitcoin was able to hit $20k and this led more analysts to believe that we’ll be closing the year in great style.
Cryptopotato shared an analysis on XRP’s price, and they are wondering whether the digital asset can retest this year’s high.
The online publication began by noting that Volatility is low at the moment, but it could resume its bullish momentum as soon as it finds key support.
They also made sure to say that the market seems to go in favour of the bulls, but for this to happen, the buying volume needs to go up a lot.
Resistance and Support Levels for XRP
At the moment of writing this article, XRP is trading in the red, and the coin is priced at $0.545546.
As we wait for the next major movement, according to their analysts, they note that the important level to watch is the $0.6 resistance.
“This is followed by $0.678 and $0.78 resistance levels in the next few days as the latter is also the yearly high,” the same online publication notes.
“In the opposite direction, XRP is looking for support on the RSI 50 level and the MACD zero level. If these indicators fail to hold, there’s support at the $0.50 level. Support to watch below this is $0.437, which is inside the green demand zone. Below it lies the $.33 breakout level from November,” according to the same notes.
Bitcoin’s price continues to rise, event hitting $24k and XRP still has to find a major rebound after a correction that lasted for 3 weeks.
They note that while the trend remains in favour of the bears, the bulls struggle to get back in the market.
In other recent news, not too long ago, we were reporting that XRP could reportedly become a key part of the worldwide economy.