Bitcoin and Ethereum prices appear to be poised for a V-shaped recovery as they are regaining the required levels in a short period. The lower target of $30,000 and $1700 is becoming too distinct and hence a short-term reversal appears to be pretty significant. However, yet another primitive token XRP is landing in huge trouble as it is unable to greet with immense bullish momentum.
XRP price fell below $1 levels well before December and since then every attempt of the asset has been in vain. Rather it is, again and again, testing the lower support levels one after the other and currently manifest the possibilities of plunging to the next support levels which are nearly 50% lower than the current levels.
More DownTrend For XRP Price
The XRP price broke down the $0.7 price zone amid the fresh plunge that occurred a few days before which ignited another 30% plunge more. And since then the price is able to recover only 5% to 6% of its value. Moreover, the volatility rate also has been reduced to a large extent while the RSI stands neutral. Therefore, the rally may deviate in the direction of the infused volume as selling volume has accumulated and the bears showcase a little more power than the bulls.
Therefore while most of the indicators are pretty bearish, the pivot levels become pretty important to prevent more drain. The support levels at $0.60086 are pretty close to the current levels and the last line of defense resides around $0.58. If the asset fails to retain at these positions, then the possibility of visiting lower levels at $0.3878 appears pretty clear.
However, the lowermost support at $0.24 will not be much distinct if the XRP price reaches these levels. And eventually, end up shedding all the gains it incurred during the 2021 bull rally. Therefore, the asset needs to have a calculated approach and plan the next move as one wrong step may drain a large chunk from its value that could not be recovered in the short term.