XRP Price Analysis: Here Are Key XRP Levels to Watch Over the Weekend
- Despite the heightened whale selling pressure in the recent past, the XRP price has held above the support level of around 51 cents.
- As with other altcoins, XRP price action has closely mirrored that of Bitcoin in the past few weeks.
- The Ripple-backed digital asset continues to face headwinds from the ongoing lawsuit filed by the US SEC.
Following a 3 percent Bitcoin (BTC) price spike in the past 24 hours to trade above $41,000 on Friday during the early New York session, Ripple Labs-backed XRP price continued to attempt to kickstart a fresh bull rally. According to the latest market data, XRP price gained around 2.2 percent in the past 24 hours to trade about 52 cents on Friday. Although the weekly time frame does not look appealing to the bulls at the moment, the lower time frames could be signaling something different in the near term.
Closer Look at XRP Technical Analysis
On the weekly time frame, XRP price has been consolidating in a macro triangular pattern since 2018 and is fast approaching the apex, which signals an inevitable breakout. However, the XRP price must hold on to the support level of around 50 cents to avoid a possible capitulation. Furthermore, the XRP price has fallen below the 50 and 200 weekly Moving Averages (MA) amid the longstanding death cross.
According to a popular XRP strategist alias Dark Defender on the X platform, XRP price could be preparing for a reversal in the near term. Furthermore, the daily Relative Strength Index (RSI) has been hovering around the oversold area of 30. In the near term, the crypto analyst expects the XRP price to retest the Fibonacci level of around 52 cents to guarantee a bullish outlook. On the contrary, the crypto analyst is confident the support level of around 46 cents will hold.
