Advertisement
AD

Main navigation

Advertisement

3 XRP Levels to Watch if $0.5 Gets Broken

Advertisement
Sun, 3/11/2024 - 11:39
3 XRP Levels to Watch if $0.5 Gets Broken
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Many hoped that the psychological support level of $0.50, which XRP has been circling, would hold. The persistent downward trend and the state of the market however imply that $0.50 may not be a strong enough barrier, increasing the possibility of additional downside. Here are three crucial levels to keep an eye on as possible support points in case XRP makes a significant decline below this level.

Advertisement

After a break below $0.50, the $0.48 zone, which has previously displayed some buying interest, might serve as the first line of defense. Despite being a small level, it might offer short-term support while traders and investors reevaluate their holdings. A bounce here would suggest that there is some interest in protecting XRP at lower levels, but it might not last long if there isn't any volume or momentum at $0.48.

Article image
XRP/USDT Chart by TradingView

The next important support level to keep an eye on is $0.45 if $0.48 fails. The price stability of XRP is critically dependent on this level, which has historically served as both support and resistance. A more significant decline might be avoided if XRP finds strong buying interest at this time; $0.45 however might only slow the decline rather than completely halt it if bears maintain control.

Related

Advertisement

Support at $0.42: This level might act as a stronger support point; $0.42 has historically been a key area and might draw buyers seeking a possible relief rally or reversal. If XRP drops to this level, it could be a crucial moment for bulls to reorganize and attempt to rally. However, XRP could potentially fall even further if it were unable to maintain above $0.42. In conclusion, these levels — $0.48, $0.45 and $0.42 — are critical for investors to keep an eye on because XRP is displaying weakness at $0.50.

Watching for buying volume and momentum as XRP moves closer to these regions is crucial for determining the possibility of a reversal. In the absence of robust support, XRP may experience a protracted decline, which would push investors searching for a reliable entry point lower on the chart.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD