After rejecting $ 2.2 at the beginning of the weekend, the XRP price is now struggling to restore its momentum. This is particularly difficult given the fact that Altcoin has witnessed rejection from a major supply zone, and this has dealt with a strong blow. This rejection does not herald good for the cryptocurrency, as from here, it is likely that it will suffer from further landing before the bulls can retreat.
The decline in the supply area has shifted
Experience, Frank, on TradingView open The supply area where the XRP price was rejected. This supply area was at $ 2.27, and the bears paid the price to below $ 2.2 from here. However, this single rejection of this region is not the only reason for anxiety.
The analyst also indicates, There is also a repeated rejection Which is now a lower high preparation amid distribution. “This visual scope of Luxeljo is a clear field of institutional interest and potential distribution.” In this case, it indicates that the price of XRP still has a long way to go down.
Some of the main things that the encryption analyst indicates the fact that in addition to the refusal candles that are already formed in the supply areas, there are also low high configurations that indicate that the bears control it. Moreover, with various important news events expected from the United States between 5 and 9 May, there are expected to be greater fluctuations for the XRP price as the broader encryption market begins to respond.
XRP price goals
With landing The opposite winds that dominate the price of XRPThere are a number of goals proposed by the encryption analyst. The first main goal if Altcoin will lose the support level of $ 2 is $ 1.95. This is supposed to serve as a major level of apostasy, or to detail the price if the bears persist in control.
Below this support level, the following demand areas. This lies at $ 1.60 and $ 1.69, and this means that a A fracture of less than $ 1.95 will be caught At this level. This is where the analyst sees a large size contract due to the previous repercussions.
However, there is still an opportunity for bulls to transform the tide in their favor again. The most important thing is to pay the price of XRP back above the supply area that raised the rejection in the first place, which is $ 2.27. The lounge above here is the confirmation of ascending continuity, especially if the size begins in the nails and there is a transformation in the momentum, as explains the encryption analyst.
The graph from Tradingview.com
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