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After the market crash which sent the price of bitcoin down $ 100,000, the The XRP price has also experienced a notable dropAnd this accident brought him to a significant level. Although the digital asset continues to keep above the $ 2.1 level, there is a critical support and a break below could be negative for the price. This is described by Crypto The Alchemist Trader analyst, who showed in which direction the XRP price could be directed according to what is happening here.
The XRP price threatens the level of major support
After the drop of almost 4.5% which ravaged the XRP price in the last week, it was pushed downwards to the next level of major supportBeing just above $ 2.09. So far, the Bulls have defended this level, but multiple tests suggest that a break at this level could be in sight.
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The analyst explain The reason why this level is so important is that it actually includes the low value area recorded in the previous drops. In addition, this is the 200-day mobile average (MA) for cryptocurrency, and also serves as a daily flip / daily resistance. This means that one or the other camp of bulls and bears can draw it in their direction, which does it Incredibly important for what happens at the XRP price in the short term.
Given the importance of this level, whether it takes place or breaks will have serious implications for the XRP price. In the lowering scenario, the Crypto analyst explains that a break below this support would trigger a liquidity scan as the price drops the drop.
The possibility of a break is even higher now, since this level has already been tested several times. The alchemist explains that each test weakens the level, endangering it. However, with a long consolidation so far above this level, there is a bullish scenario that increases.
While the bulls continue to maintain this support, an additional force could here erode the possibility of a decline. If it is properly defended with a notable increase in volume, in addition to a movement up in the recent local summits at $ 2.4, it is likely that the XRP price continues to rise.
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“For bulls, a clean defense of this level with the volume and a return above recent local summits would indicate a potential rotation towards the next resistance,” said the analysis. “For bears, a breakdown without recovery increases the probability of continuation to the disadvantage.”
As for how to play the current trend, the analyst advises investors to be cautious and wait for confirmation before taking positions. Confirmation here would be either a break under the support or a solid rally upwards Far from that, signaling a clear direction.
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