After a decline from $ 2.2 at the start of the weekend, XRP prices find it difficult to recover its momentum. This is especially difficult to give the fact that Altcoin has seen the decline from a major supply zone, and it has faced a bullish momentum. This decline does not bode properly for cryptocurrency, as from here, it will likely suffer further bearless before the bulls are back up.
The bearish -on in the supply zone
A crypto analyst, Frank, on the tradingview website revealed The supply zone in which the price of XRP declined. This supply zone was at $ 2.27, and Bears pushed the price back to the bottom $ 2.2 from here. However, the single rejection from this zone is not the only cause of concern.
As the analyst points out, There is also a repeating decision which now forms a lower high -setup in the middle of the distribution. “The scope that Luxalgo sees this marking a clear place of interest in the institutional and possible distribution,” the post reads. In this case, it is suggested that XRP prices still have a long way to get off.
Some of the main things that the crypto analyst teaches include the fact that in addition to the denial candles that are already developing in supply zones, there is also a lower high formation that suggests bears gaining control. Moreover, with various important news events expected from the United States between May 5 and 9, it is expected that more volatility for XRP prices as the broader crypto market begins to respond.
Targets for XRP price
With the bearish Headwinds are leading the price of XRPThere are a number of targets suggested by the crypto analyst. The first major target if Altcoin loses $ 2 support level is $ 1.95. It should serve as a main level for a bounce, or for a price breakdown if the bears continue to dominate.
Below this support level are the next demand zones. They lies at $ 1.60 and $ 1.69, which means a Break below $ 1.95 will catch At this level. Here the analyst sees the high volume of the node due to previous returns.
However, there is still an opportunity for the bulls to actually reflect on their favor again. The most important thing is to push the XRP price above the supply zone that triggers the decline in the first place, of $ 2.27. A rest above here will confirm an upward continuity, especially if the volume begins with spikes and there is a movement in momentum, as the crypto analyst explains.
Chart from tradingview.com
Editorial process For Bitcoinist centered on delivering thoroughly researched, accurate, and unbiased content. We promote strict sources of sourcing, and each page undergoes our team's enthusiastic examination of the leading technology experts and timely editors. This process ensures the integrity, relevance, and value of our content for our readers.
