After a rejection of $ 2.2 at the start of the weekend, the XRP price is now struggling to resume its momentum. This is particularly difficult since Altcoin saw the rejection of a large supply area, and it brought a blow to the bullish momentum. This rejection does not increase well for the cryptocurrency, because from here, it is likely that it will suffer more lowering before the Bulls can go up.
Turn down in the supply area
A Crypto analyst Frank, on the TradingView website, revealed the supply area from which the XRP price was rejected. This supply area was $ 2.27 and the Bears lowered the price below $ 2.2 from here. However, this singular rejection of this area is not the only concern.
As the analyst points out, there are also repeated refusals which now form a configuration of the middle of the distribution. “This Luxalgo-visible range marks a clear area of institutional interest and possible distribution,” says post. In this case, this suggests that the XRP price still has a long way to go.
Some of the main things that the Crypto analyst underlines includes the fact that in addition to the rejection candles that are already formed in the supply areas, there are also high lower formations which suggest that bears take control. In addition, with various important information events expected from the United States between May 5 and 9, there should be more volatility for the XRP price while the wider cryptography market begins to react.
Targets for the XRP price
With the downward winds that dominate the XRP price, there are a number of targets that have been suggested by the crypto analyst. The first main target if the Altcoin had to lose the level of support at $ 2 is $ 1.95. This is supposed to serve as a key level for a rebound, or for a price ventilation if the bears continue to dominate.
Below this level of support, the next demand areas. These are $ 1.60 and $ 1.69, which means that a break of less than $ 1.95 would be captured at this level. This is where the analyst sees high volume nodes due to previous inversions.
Nevertheless, there is still a chance for the Bulls to turn the trend again in their favor. The most important thing would be to postpone the XRP price above the supply area which triggered the rejection in the first place, which is $ 2.27. One rupture above here would be the confirmation of an upward continuation, especially if the volume begins to point and there is a change of momentum, as explained by the crypto analyst.
TradingView.com painting
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