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After the market crash, which fell to the Bitcoin price at 100,000 US dollars, the XRP price also recorded a remarkable decline, and this crash brought it to an important level. While the digital asset continues to be above the level of 2.1 US dollars, it remains critical support, and an interruption difference could be negative for the price. This is outlined by Crypto Analyst, the alchemist dealer, who has shown in which direction the XRP price depends on what happens here.
XRP price threatens the main support level
After the decline of almost 4.5%, which devastated the XRP price last week, he was reduced towards the next big support level over 2.09 US dollars. So far, the bulls have defended this level, but the several tests indicate that breakdown could be in the sight at this level.
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The analyst explained The reason why this level is so important is that it actually contains the value creation area that is recorded low in previous declines. In addition, it is the 200-day gliding average (MA) for cryptocurrency and now also serves as important daily support/resistance flip. This means that either a bearing of the bulls and bears can pull it in their direction, which makes it incredibly important for short notice, which happens to the XRP price.
In view of the importance of this level, whether it applies, have serious effects on the XRP price. In the bear's scenario, the crypto analyst explains that an interruption under this support would trigger a liquidity -sweep if the price lowers.
The possibility of a break is now even higher because this level has already been tested several times. The alchemist explains that each test weakens the level and is exposed to the risk of collapse. With a long consolidation that is so far above this level, a bullish scenario increases.
Source: tradingview.com
While Bullen continues to maintain this support, the further strength could undermine the possibility of a decline. In the event of proper defense, with a remarkable volume drive, in addition to an upward movement to the latest local heights of USD $ 2.4, the XRP price will continue to move.
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“For bulls, a clean defense of this level with volume and a back movement about the recent local heights would indicate a possible rotation to the next resistance,” the analysis said. “For bears, a breakdown without recovery increases the likelihood of a sequel down.”
As the current trend plays, the analyst recommends investors to change caution and wait for confirmation before taking positions. The confirmation here would either be an interruption under the support or a strong upward rally from her and signal a clear direction.
Bears and bulls that are enclosed in a tractor of the war | Source: Xrpusdt on tradingview.com
Selected picture of dall.e, diagram of tradingview.com
