The XRP price is positioned at a central level which will determine the next trend to play from here. This was highlighted by the crypto analyst, the Alchemist Trader, in a post tradingView which shared notable information on the current action of cryptocurrency prices. The Crypto analyst also explained that there are technical points that will determine the next movement, and depending on the functions of bears and bulls, there could be many major gains or losses.
The three key points to watch
The XRP price already showing a lot of weakness, the alchemist merchant explains that Altcoin is now consolidating near the low value area of its local commercial range. This is around the $ 2.8 level that the price has evolved in recent weeks.
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Price trading in this low value area also shows that there are many sellers on the market that lower the price. He had previously pushed the price to a level of critical support at $ 2.7, which prepared the ground for the rebound or the following decline. Indeed, this level contains a lot of liquidity, which means that it is a point of equal opportunities for bears and bulls.
Given this trend, the Crypto analyst described three key technical points that investors should monitor the XRP price. The first of them is the possibility that the XRP price made consecutive lower peaks and pushing it to the low value zone, a lower signal.
The next list is that a ventilation from there could push the price to the control point (POC), as well as 0.618 Fibonacci and VWAP Confluence. Then, the last but not the least, the fact that liquidity at the current levels could mean that there is a sharp wick before the price begins to reverse.
How the XRP price could take place from here
As mentioned above, one of the first things to watch is the test of the low value area. From there, if the XRP price had to decompose, it would point out that the decline would deepen from here. It would push the target to the control point (POC) and deeper support levels. Reaching these levels would mean a possible drop of 25% to $ 2.33.
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However, in the event that this support is firmly maintained, then the analyst sees the XRP price rebounded in its range of trading. The price could first travel, but it would end with any stabilization and any continuation. In this case, the objective is placed at $ 3.5, which eventually released the price of a campaign for new heights of all time.
Dall.e star image, tradingView.com graphic
