Key Support Region for XRP Becomes Resistance Level, Will XRP Price Recover Soon?

After Cointelegraph reported that Ripple sold over $169.42 million in XRP tokens just in the first quarter of this year taking the total up by 31% from what was attained in the preceding quarter, the price of XRP has seen a key support position turn into a resistance area. This is what the charts say about the XRP/USD pair in the last 24 hours.

XRP Price Prediction: The Price of XRP Was at $0.21719 as of Press Time

While Ripple’s $169.42 million figure indicates an impressive 31% increase compared to the $129.03 million attained in quarter four of last year, Ripple’s direct institutional sales saw a greater increase. According to the report, in quarter one of this year, the firm recorded over $61.93 million for direct institutional sales. This figure represents a 54% increase from the $40.15 million attained in quarter four of last year.

XRP remains one of the most promising projects in the cryptocurrency world. This increase should at the least encourage enthusiasts and push investor confidence high. How it impacted the price of XRP remains to be seen. The price of XRP stood at $0.21719 according to data given by CoinMarketCap.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.242
0.310%

XRP Price Prediction: The Price of XRP Was Mostly Bearish This Week

For this week, the price of XRP was mostly bearish below $ 0.3200. The XRP/USD pair went bearish after breaking $0.3060 support and the 100 hour SMA. Sellers ultimately took control and pushed the price of XRP below  $0.3000 which is a key support level. Finally, we can see a sharp decline below $0.2950 and $0.2920 both support positions. The price of XRP cleared the connecting bullish pattern with $0.3000 a support area to enter bearish territory.

The decline based on the charts was such that the price of XRP dropped to $0.2800 and formed a new low of $0.2798. Currently, the price of XRP is correcting higher above the $0.2850 price position. It eventually broke the 23.6% Fibonacci retracement level via the recent drop from $0.3083 to $0.2798. However, there are a number of resistances near $0.2950 and $0.2970. The 50% Fibonacci retracement position from the recent drop from $0.3083 to $0.2798 is near the $0.2940 level acting as a hurdle. Yesterday’s highlighted key bearish pattern is intact at $0.2980 which is a resistance level on the hourly chart of the pair.

XRP Price Prediction: The Price XRP Will Rebound if it Corrects Higher Than $0.3000

Therefore, should the price of XRP correct higher, it should expect to face strong resistance at $0.2940 and $0.2970. It’s only when there’s a successful close above $0.3000 that we can expect the price of XRP to rebound. If not, prices will likely remain on a downtrend below $0.2970. From the downside, the initial supports stand at $0.2820 and $0.2800. If we see more losses, the price of XRP could get to $0.2750.

From the chart, the price of XRP seems to struggle below $0.3000. As long as it remains under $0.3000, sellers will remain in control. Any upside correction from current price levels of $0.2970 can be a selling opportunity.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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