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Ripple's XRP meets resistance and retractions

Yesterday was an extremely bullish day for the cryptocurrency market. Most cryptocurrencies continue to rise today, but some are struggling to keep up. The largest altcoin by market capitalization, Ripple's XRP, is one of the cryptocurrencies that is recording a loss today.

The XRP yesterday met resistance at $ 0.4 and has since come back. The altcoin had an extremely bearish week last week from $ 0.51 to around $ 0.37, a decrease of 27%. The price dropped near $ 0.3 with some incoming support at this point.

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Weekly XRP Chart – Source: TradingView.com

The price has struggled to recover along with the market this week and yesterday met resistance to $ 0.4 during its rise. The price then rose to around $ 0.377.

The key levels for XRP at this point are $ 0.4 and $ 0.3. A return to bearish market conditions pushes a strong chance at $ 0.3. A continuation of recent bull market conditions is likely necessary if we are to see an increase in XRP above $ 0.4.

Today's decline is low and traders are considering the bullish movements recorded in most cryptocurrencies. Traders appear to be increasingly wary of a return to bearish market conditions with price rises in the market that are slowing significantly today.

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Daily XRP Chart – Source: TradingView.com

Overall, cryptocurrency prices acted mainly bearishly, reacting extremely negatively during downward periods and struggling to increase during increases. Yesterday's price action seems to be a short-lived exception with a significant slowdown today.

Key Takeaways:

  • The XRP meets resistance at $ 0.4 yesterday and withdraws.
  • XRP is one of the few cryptocurrencies that records a loss today
  • The key levels to monitor for XRP are $ 0.3 and $ 0.4.
  • Overall, the price action of cryptocurrencies was mainly bearish and yesterday may have been an exception.

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