The cryptocurrency industry has stabilized after two months, and Ripple is showcasing it perfectly. The cryptocurrency grew by 180% since July end and recently hit 1.22 dollars.
The previous week witnessed Ripple rising by 0.91%, somewhat reversing the 3.57% decrease at the weekend. However, the cryptocurrency concluded the week at 1.22737 dollars, showing a decline of 4.55%.
The currency started the week on a high note, reaching 1.25708 dollars before it hit the reverse. However, XRP fell short of its first major resistance level at 1.2645 dollars. Its mid-afternoon intraday low was recorded at 1.18 dollars.
Despite the dip, Ripple managed to stay at 1.22 dollars at the end of the day. Currently, the cryptocurrency is witnessing 0.93% 24-hour growth. Its market price is 1.24 dollars, while the 24-hour volume is at 5.2 billion dollars approximately. Ripple’s market cap is 124.2 billion dollars, making it one of the biggest cryptocurrencies.
What’s the Verdict for the Short-Term Future?
XRP needs to avoid the 1.2215 dollars pivot to reach the 1.2630 dollars resistance level. Achieving that will ensure the crypto has a positive outlook for the week.
However, Ripple needs support from the border market to breach the 1.25 dollars level. Besides extending the crypto rally, the market needs a minor boost to helpXRP reach the resistance level.
Experts believe that Ripple could touch the 1.30 dollars resistance level before pulling back. Its second resistance level is at 1.2986 dollars, meaning the cryptocurrency will maintain a positive market cap.
However, if the crypto drops from 1.2215 dollars, it will reach the support level at 1.1859 dollars. Other than an extended sell-off, Ripple may avoid any sub 0.15 dollar levels. Its second major support is placed at 1.1444 dollars, allowing traders to have faith in the crypto.