Ripple price remains above the crucial support zone of $1.0000 even after the over 16% decline earlier on Friday. Since the massive crypto selloff on Tuesday, the industry has experienced heightened volatility.
According to the crypto fear and greed index, the emotion driving the market has shifted from greed to fear in the recent past. Earlier in the week, the index fell from extreme greed at 79 to a fear level of 47. On Friday, it exhibited a reading of 46. As the market enters the weekend, the focus will be the steadiness of the support level at $1.0000. A decline below that zone may pave way to the prior resistance-turn support level of $0.9000.
Ripple price prediction
XRP is holding steady above the psychological level of 1.000 despite its plunge earlier on Friday. The altcoin dropped from an intraday high of 1.2423 to a low of 1.0295. The plunge represents a decline of about 16.96%.
At the time of writing, Ripple price was down by 3.42% at 1.0510. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.
In the near term, I expect the crypto to trace within a rather tight range of between the support level at 1.0283 and along the 25-day EMA at 1.1083. A move above the horizontal channel’s upper border will place the resistance level along the 50-day EMA at 1.1447. However, a move below the crucial support zone of 1.0000 will invalidate this thesis.
