Ripple’s Sideways Action Could End In A Bloodbath For XRP

Ripple’s sideways action shows that the XRP climbed even higher from the market support at $0.235 but failed to overcome the next resistance level provided by the upper level of the trading range of $0.245 as we are reading in the ripple xrp price news.

XRP has been trading between the $0.245 and $0.22 resistance levels which was been the same over the past days. Similarly to Bitcoin, XRP is waiting for a short-term decision movement. The trading volume was very stagnant and has shown almost zero increase during the first week of the month but this can also be a sign that the strong move is upcoming and cannot be avoided.

Ripple’s sideways movement could actually turn out bad for the altcoin and if the bulls break $0.245, there will be more resistance at $0.25 due to the 100-day EMA and another bearish movement with the .236 Fib Retracement located at the current level. Above this level, the resistance lies at $0.26 EMA and $0.267 bearish fib retracement. From the below side, the first level of support stands at $0.235 while beneath it the support can be found at the rising trend line of $0.227 with a lower boundary of $0.22 as per the ripple xrp price news.

The ripple xrp price news shows that the RSI increased higher from the oversold conditions but later stalled at the 50 levels because of the insecurities mounting the market. If the RSI turns low again, XRP could drop back to the $0.22 and all of the sellers will increase their momentum. XRP is also trading sideways against Bitcoin so a breakout is likely to point out the next short-term direction. Ripple remains supported by the 5-week ascending trend line but the trading volume shows a lot of signs of rising here but it is still significantly lower than the average volume since 2019.

If the bears go lower, the support will be located at the ascending trend line while beneath this level, support can be found at 2595 SAT and 2550 SAT. From above, the resistance stands at 2710 and 2750 SAT while further, the resistance can be met at 2800 SAT and 2825 SAT. The RSI level is still lower than 50.