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After a market accident that caused a fall price of bitcoin The price of XRP also recorded a significant decreaseAnd this disaster led him to an essential level. Although digital assets still remained above USD 2.1, it remains critical support, and the break below may be negative for the price. It is outlining by the cryptographic analyst of The Alchemist Trader, who showed in what direction it can be guided by the price of XRP depending on what will happen here.
The price of XRP threatens the main level of support
After almost 4.5% of the inheritance, which devastated the price of XRP over the past week, it was pushed towards the next high level of support, lying slightly above USD 2.09. Until now, the Bulls defended this level, but many tests suggest that there may be a breakup at this level.
Analyst explains The fact that this level is so essential is that in fact it covers the low value area registered in previous declines. In addition, it is a 200-day movable (MA) average for cryptocurrency, and now it serves as a key support/immunity diary. This means that either a camp of bulls and bears can pull it towards them, which makes it extremely essential for what happens with the price of XRP in a brief period.
Considering the importance of this level, regardless of whether it stays or breaks, it will have sedate consequences for the price of XRP. In the bear scenario, the cryptographic analyst explains that the break below this support would cause Smoothness when prices lower.
The ability to break is now even higher, considering that this level has already been tested many times. The alchemist explains that each test weakens the level, exposing it to a failure. However, with a long consolidation, a stubborn scenario increases.
Because bulls still keep this support, further strength here can destroy the possibility of decline. If it is properly defending with a noteworthy boost in the volume, in addition to moving to the latest local maxims after 2.4 USD, it is likely that the price of XRP will continue to boost.
“In the case of bulls, pure defense of this level with volume and return above the latest local ups would indicate a potential turn towards the next resistance,” we read in the analysis. “In the case of Bears, a failure without recovery increases the likelihood of continuing the minus.”
As for how to play the current trend, the analyst advises investors to be cautious and waiting for confirmation before taking a position. Confirmation here or would be a break Below is support or a powerful rally up Away from him, signaling a clear direction.
A distinguished picture from Dall.e, chart from tradingview.com
