The Ripple token continues to display a neutral trend, suggesting a disinterest of the investors in it. Further, the XRP price has recorded a correction of less than 3% over the past week, highlighting a weak price action for the coin.
Ripple’s XRP price traded in a closed range between $0.6139 and $0.6445 for over a week, following which the market lost momentum, resulting in the XRP token experiencing a loss of over 10% in valuation. After this, the price traded sideways between $0.5600 and $0.5779 for about a week.
As the market volatility grew, the XRP price gained momentum and jumped approximately 10%. Following this, the price faced rejection at $0.6139 and erased all its gains from the pump, after which the price traded sideways for a while.
The token continued to trade under a bearish influence and recorded a loss of 13.5% in valuation over the next nine days. After testing its low of $0.5005, the bulls gained just enough momentum to break out of the resistance level.
Since then, the price has been trading in a closed range between $0.5215 and $0.5435.
Will XRP Price Hit $1 This Year?
The Relative Strength Index (RSI) displays constant fluctuations in the chart, suggesting a bear/bull power in the market. Further, the averages show a bearish curve, highlighting a high possibility of negative price action soon.
If the market holds the price above the support level of $0.5215, the bulls will regain power and test its resistance level of $0.5435 soon. Maintaining the price at that level will set the stage for the XRP token to attempt to test its upper resistance level of $0.56 in the coming time.
Conversely, if the bears gain power, the Ripple coin will fall to test its support level of $0.5215 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.5005 this week.