Ripple’s XRP Reverses After Meeting Key Resistance

[PRIBO247]

The vast majority of cryptocurrencies are recording losses
today as Bitcoin returns back below $4000. The last few days
of price action recorded unexpected bullish movements, but
Ripple’s XRP began declining yesterday while most
cryptocurrencies were still rising.
XRP met resistance at $0.4 during the bullish spike and had
since begun to turn downward. The drop has accelerated today
with price moving from the opening at around $0.38 to an
intraday low at $0.35. If the bearish market conditions
continue, we are likely to see XRP drop towards $0.3 after
already approaching this level during the bearish movements
of last week.

For the moment, $0.35 is likely to provide some support and
has done during past trading activity . The one bullish factor to
consider is that today’s drop is on less volume than previous
drops and the price rise that preceded it. This indicates that
there may not be much strength behind the downturn and that
traders may drive the price back up from here.

The hourly chart shows the drop in closer detail. Price dropped
from $0.37 to $0.35 over the space of a few hours with the
majority of the move taking place over one hour. Price
quickly started to experience support as it reached $$0.35 and
began to trade in a range around $0.355.

Source : https://blokt.com/technical-analysis