Can XRP Hold $2.15, Make or Break Level?
The post Can XRP Hold at Make-or-Break Level, $2.15? It first appeared on Coinpedia Fintech News
Originated by Ripple Labs, XRP is making waves amid ongoing market volatility. In the last few days, the entire cryptocurrency market has experienced a low speed.
XRP current view
Despite this, XRP has held its critical support level at the $2.15 mark for the past five trading days. Meanwhile, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) experienced significant price declines during the same period.
The reason behind XRP's ability to maintain its support level is the constant support and trust from investors and traders, according to the chain analyst company Coinlas.
407 million dollars worth of XRP exit
Data from XRP shows that exchanges across the cryptocurrency landscape have seen a whopping $407 million worth of XRP exit over the past six days. During this period, exchanges did not experience any income or token deposits from wallet addresses, which would indicate a sign of bullying.
In the cryptocurrency landscape, “outflow” refers to the movement of assets into wallets, which also represent inventory. However, this indicates significant outflow potential and a good buying opportunity. If this trend continues, there is a high possibility that it will create buying pressure.
Technical analysis and upcoming levels
According to expert technical analysis, XRP is at the critical support level of $2.15 and seems to be losing that support.
Based on the recent price action and historical momentum, if the altcoin closes the daily candle below the $2.15 level, there is a strong possibility that it could decline by 15% to reach the next support level at the $1.95 mark.
On the contrary, if XRP holds this level, there is a strong possibility that it could rise by 25% to reach the $2.75 mark in the future.
Current price momentum
XRP is currently trading near $2.20 and has experienced a price drop of over 1.05% in the last 24 hours. At the same time, the trading volume decreased by 5%, which shows that the participation of traders and investors is low due to the uncertainty of the market.
