Ripple (XRP) touched the important support point in the $0.60 region after a 5 percent pullback.
The crypto market is spending the week in a negative outlook. Bitcoin (BTC) retreated to $37,000 after being rejected from the $38,000 resistance. The decline experienced by BTC led to an outflow of money in altcoins. Profitable crypto investors started selling due to BTC’s insecure price structure. XRP attracted attention in the decline of altcoins.
XRP, one of the major coins, fell to $ 0.60 with a 5 percent decrease in the last 24 hours. For XRP, $0.60 is critical due to many support zones.
Ripple (XRP) is in the decision stage
In light of the negative outlook of the crypto market, a significant threshold has emerged on the Ripple (XRP) side. The XRP price clung to the $0.60 support, declining by 5 percent in the last 24 hours. This price zone stands out as an important structure where several support points meet.
According to U Today’s analysis of XRP, the popular cryptocurrency is in an important decision phase with its current price point. On the XRP side, significant breaks may be seen in the near term.
U Today examined the XRP/USDT parity on the Binance exchange. According to the pair, the high volatility and decline in XRP revealed an important support level. With the recent pullback, XRP settled at $0.60. The price appeared to stabilize at this support level.
The $0.60 support is supported by the 50-day moving average (MA). Additionally, the closeness of $0.60 to the 100-day MA ensures further strengthening of the structure. Thus, the $0.60 support acts as a buffer against possible pullbacks.
If the bulls come back and the price moves upwards, $0.65 will act as a significant resistance. If this resistance point is crossed, XRP may target another resistance point at $0.70.
On the other hand, if XRP cannot maintain the support at the 50-day MA, it may retreat to $0.58, which corresponds to the 100-day MA. This area may reveal more challenging selling pressure. Losing this zone could exacerbate the decline and the price could drop to $0.55.
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