XRP (XRP) is holding near the recently marked lows of $0.752 towards the end of the week, after the upside rejection from $0.912 on Mar. 25 and the subsequent drop. XRP presently trades at $0.7599. Rare Air Media, the company behind Michael Jordan’s graphic autobiography For the Love of the Game, is getting into NFTs. The company is collaborating with VSA Partners, Ripple’s Creator Fund’s primary creative agency partner, to launch NFTs on the XRPL, including a one-of-a-kind collection of digital assets dedicated to former NBA player Michael Jordan’s life and career. The first batch of NFTs is expected to be available in Q2, 2022, and will comprise an intimate selection of original, momentous photos of Michael Jordan, as well as his thoughts and observations leading up to the photo.
Key Levels
Resistance Levels: $0.8600, $0.8200, $0.8000
Support Levels: $0.7500, $0.6950, $0.6220
XRP/USD Daily ChartAt a present price of $0.7599, XRP is struggling beneath the MA 50 at $0.785. It’s staying in the consolidation pattern beneath the $0.91 mark, probably in form of a triangle. That is another rising leg that could be seen before the consolidation completes. But judging from current price actions, upside tendencies could be limited by MA 50 at $0.785 and the MA 200 at $0.89.
If the present declines persist, a break of $0.78 support could bring a downside breakout rather quickly through the $0.62 level to the $0.55 range. The RSI has dipped beneath the 50 neutral mark suggesting an advantage to the bears. The bullish crossing of the moving averages also supports a consolidation outlook, therefore a trend continuation cannot be ruled out.
XRP/USD 4-Hour ChartXRP edged lower in prior 4-hour trading sessions while dipping beneath the moving averages. The price is holding in extended consolidation under the key $0.80 level which provided significant headwinds to the recovery leg from $0.75 (April 7 lows).
On the upside, a break of the $0.80 barrier will bring a rebound back to the MA 200 at $0.804 and possibly above the MA 50 at $0.812. The Moving averages are deemed to make a crossing in the next coming day and thus another item to watch. In summarizing, XRP price action continues to struggle near the $0.80 – $0.91 barrier.
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