Ripple struggles to break through stiff resistance

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  • XRP has dropped by more than 22% over the past 24 hours. 
  • Now, it sits between two massive demand barriers that will determine where it is heading next.
  • Ripple must reclaim $1.47 as support to resume its uptrend. 

XRP price seems to have suffered from the sell-off caused by Elon Musk’s announcement that Tesla stopped accepting cryptocurrency payments.

XRP price struggles to recover

XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

The spike in buy orders was able to keep falling prices at bay, pushing Ripple to tag the lower boundary of the supply zone that ranges from $1.372 to $1.477. This resistance barrier appears to have rejected the upward pressure, which could result in a downswing toward the subsequent demand barrier that stretches from $0.941 to $1.156.

Although XRP price has set up lower highs and lower lows since May 4, the bulls can kick-start an upswing from this interest area.

In that case, XRP price might rise toward $1.465, $1.653 or even $1.769.

XRP/USDT 6-hour chart

Nonetheless, a breakdown of the $0.941 support level will signal overwhelming selling pressure and the start of a new downtrend. Under these dire circumstances, investors could see XRP price drop by 6% to tag the swing low created during the crash on April 23 at $0.886.

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