Ripple price action on the daily chart indicates that buyers and sellers endured yet another seesaw session of whipsaws. However, this was nowhere near yesterday’s wild swings, driven by the attempted coordinated pump of Ripple price by the “pumpxrpofficial” Telegram group members. This group is touting another pump in prices. The group says that Ripple “looks like it’s ready for more upside at the moment,” and cites a rounding bottom (no time frame stated) as the basis for their expectations.
However, as the merciless selloff that followed yesterday’s attempted pump proved, many people end up losing a lot of money when jumping into pump cycles rather than entering trades with sound technical levels. On this note, what are the technical levels to watch for Ripple price?
Technical Levels to Watch
Ripple price appears to have found support at 0.36881 after yesterday’s considerable price swing. The doji candle is pregnant and signifies that the market is divided as to which way price could swing.
A bounce on the current support price allows the XRPUSD pair to aim for the 0.43590 resistance (16 December low) in the first instance. Further action on the bullish side could drive Ripple price towards 0.47342, just below an additional barrier at 0.50056.
On the other hand. a breakdown of 0.36881 allows Ripple price to aim for the next downside target at 0.30925, with 0.28408 serving as an additional target to the south. Previous lows at 0.26379 and 0.23428 also lie within the sights of Ripple dumpsters.
Ripple Price; Daily Chart