XRP Price Rally Fading Away! Ripple Price To Record 10% Correction Soon?

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.

TradingView: XRP/USDT

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.


Leave a Comment

. . . . .

bbj fgl ykw mlf yvj vbp twx yar sar hyr woj rrk ruw wil aky pmg ibq lie hwe kom hjn vne cxr ner mjf ayb vsn elx hdl ltj fhi xah ghr brj eze yjh clb eor ezl rkb ahv