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- A change in momentum has caused the token to fall after its subsequent rise.
- The remittances token may face a succession of difficulties before it returns to $1.02.
After hitting a high of $0.91 on February 9, XRP’s momentum has shifted slightly to the negative. Before aiming for greater levels of support, Ripple may be seeking key levels to uncover. Remittances token may face a succession of difficulties before it returns to $1.02.
XRP/USDT: Source: TradingView
According to the 3-day chart, which shows the price of Ripple as a symmetrical triangle, it is likely to consolidate and move sideways for the time being. A change in momentum has caused the token to fall lower before its subsequent rise.
Multiple Resistance Barriers
XRP’s price might soar to $1.02, which coincides with the 61.8 percent Fibonacci retracement level if optimistic sentiment grows. For example, at $0.82, the 38.2 percent Fibonacci retracement level may serve as a barrier, followed by the 50 three-day SMA and the 50 percent retracement level. In order to achieve the positive objective of $1.02, Ripple may have to overcome a barrier at the 100 three-day simple moving average (SMA) at $0.95.
However, XRP may find quick support around the 21-day SMA of $0.76. The 23.6 percent Fibonacci retracement level at $0.70, followed by the 200 three-day SMA at $0.67, will provide an extra line of defense. The Momentum Reversal Indicator (MRI) at $0.59 may support XRP before Ripple declines to the bottom border of the current chart pattern at $0.55.
According to CoinMarketCap, the XRP price today is $0.760997 USD with a 24-hour trading volume of $3,087,526,599 USD. XRP is down 7.23% in the last 24 hours.