With the cryptocurrency market going through a turbulent period this year, digital assets such as Ripple’s cross-border settlement token, XRP, has shown both unpredictable highs & lows. Recently, the price of XRP has been met with resistance at key places as the asset continues to be influenced by a variety of variables, ranging from legal considerations to the general tone of the market.
XRP Price To Fall Further?
According to crypto analyst Michael van de Poppe, the XRP token has run into significant resistance at the level of $0.37. He also mentioned that based on the recent price movement, the preferred option is to see the token reclaim the $0.343 level relatively quickly. He expressed these thoughts in a tweet on December 30.
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If the price however does not recover, Michael believes that there is likely a considerable amount of liquidity on the downside that might be taken advantage of. He also drew parallels between the current state of XRP and the recent performance of Bitcoin (BTC).
Additionally, he emphasized that investors should keep a close eye on the $0.265 level, as this is often regarded as a significant support level for XRP.
Request 01 – $XRP
This one looks a bit odd, as we’ve seen a harsh rejection at $0.37.
$0.265 massive support. pic.twitter.com/wgYN5JLye1
— Michaël van de Poppe (@CryptoMichNL) December 30, 2022
XRP Price Flashes Sell Signal
Echoing Michael’s thoughts, cryptocurrency trader Ali Martinez, who tweets under the handle @ali charts, is of the opinion that the price of XRP might see a pause in its surge due to certain technical signals. Martinez points out that the TD (Tom Denmark) Sequential, an instrumental tool designed to identify the exact time of trend exhaustion and price reversal, is indicating a strong “sell signal” on the price chart for XRP’s four-hour time frame.
It is important to note that the altcoin has been trading in a stagnant range over the past few weeks. This is because investors have been unable to identify any bullish catalysts in the ongoing dispute between Ripple and the Securities and Exchange Commission (SEC). In addition to this, the asset is suffering as a direct result of the repercussions that were caused by the collapse of the FTX crypto exchange.
Currently, as per CoinMarketCap, the price of XRP is trading at around $0.34, with a 0.78% increase in the past one hour and a whopping 2.56% decrease recorded in the last seven days, at the time of writing.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.