The most recent drop in the market has seen Bitcoin reverse its gains for the week. Although altcoins typically underperform during drops, Ripple’s XRP has managed to stay in the green for this week. XRP has nonetheless undergone a sharp reversal over the past two days moving from a weekly high around $0.56 to a current price near $0.50.
Support levels could be coming into play at the price XRP is currently trading at as $0.49 has been an important point of support in the past. The daily 200 EMA and the weekly 50 EMA also happen to be trading around this point.
Today’s candle is so far back in the green despite most coins showing losses. The volume is low, and the movement is small showing that the drop we have recently seen may not be over yet. Regardless, XRP is performing better than most of its peers.
The rise seen today in XRP price met some strong resistance at the hourly 50 EMA. Going forward, the price will either have to break through the support around $0.49 or the resistance at the 50 EMA.
- XRP has undergone a sharp reversal from highs but outperforms other cryptocurrencies.
- Key support coming in to play at $0.49 level.
- Key resistance coming into play at the hourly 50 EMA.
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