Over the last 24 hours of trading, the market has had a mixed bag of results. Bitcoin, the market leader, has dropped 0.33 percent, while Ethereum has lost 0.42 percent. With a gain of nearly 10%, Cardano (ADA) is the best performer today.
XRP Price Action
The XRP/USD is moving to retest support at $0.80, which has generated solid buying pressure in the past, according to today’s Ripple price analysis. If price action falls below this level, we predict further drops to our third and fourth support levels of $0.76 and $0.74, respectively, before seeing some upside again.
The market’s technical indicators are still in our favour, and we’re looking for a break over $0.82 to bring in additional buying pressure before a move higher. If, on the other hand, the XRP/USD pair fails to sustain its downward momentum, we expect further losses today, maybe to our first support level of $0.78, which will be the next zone of strong buying demand.
XRP performing better than BTC
Pseudonymous trader Credible Crypto on Twitter tells his followers that XRP has been holding up better than the most valuable crypto asset by market capitalization and could be about to take off.
He says while BTC recently brushed wick lows at $42,000 and Ethereum dropped even deeper below its own, XRP has held up remarkably well during this correction and has not even come close to its own wick lows. Up appears to be the path of least resistance. Soon, all eyes will be on XRP.
Credible predicted that XRP would conclude the bull market somewhere between $20 and $30 in August of last year, and he still believes that. Given that XRP bears appear to be losing confidence, the analyst believes current levels could serve as the launchpad for a parabolic uptrend.