24 Feb 2022 | ZebPay Trade-Desk
XRP has taken a downward slide, much like the rest of the crypto market. Crypto continues to be whipped around by equities, and equities touched one-month lows in anticipation of a Russian attack on Ukraine. The asset is down by ~12% over the past 24hrs, due to macroeconomic uncertainty. At this point in time, not much can be said in terms of where the market might head.
At the time of writing, XRP is trading at $0.637
XRP after surging almost by 56% from the previous lows made a ‘Spinning top Candle’ at the high of $0.916 which indicated indecision in the trend. Post this move, the asset witnessed a sharp fall and dropped to $0.62. XRP has a strong support zone from $0.61 to $0.58, if the prices bounce from the support then we can expect the bulls to resume the up-move whereas a break below $0.58 will lead to the further downfall and the prices can slide and test $0.5 levels.
Support 2Support 1AssetResistance 1Resistance 2$0.5$0.58SOL$0.75$0.90
Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
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