XRP Faces Heavy Resistance as Weakness Against Bitcoin Grows
At the time of writing, XRP is trading down roughly 1% at its current price of $0.28. This is around the price at which it has been trading throughout the past few days, as each attempt to push towards $0.30 has resulted in swift rejections.
One analyst is noting that the signs of weakness XRP has expressed against its USD trading pair may be coming about as a result of weakness against Bitcoin. He that XRP/BTC is now undergoing a bearish retest as it struggles to surmount a crucial resistance level.“The BTC Pair does look [bad] unless it manages to reclaim .000024 on the daily / weekly. For now the daily looks as though it’s just a bearish retest,” he said while pointing to the below chart.
Image Courtesy of Smokey. Chart via .
Here are the Crucial USD Support Levels that Analysts are Watching
While speaking about the cryptocurrency’s near-term outlook, one analyst that he is expecting XRP to see further downside before it can push past its macro resistance between $0.31 and $0.33.
He is specifically watching the $0.24 and $0.21 levels.“XRP: Well, we’ve been saying these green zones for weeks now and we’ve got quite close. Patience pays. I think we’ll see some more consolidation before continuation on XRP. But yes, paying some attention.”
Image Courtesy of Crypto Michael. Chart via .
Whether or not XRP fails to break above the resistance that sits just above its current price region should offer significant insights into its near-term outlook.
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