XRP Price At Risk Of A Major Breakdown! Will It Drop Below $0.5 Soon?
The post XRP Price At Risk Of A Major Breakdown! Will It Drop Below $0.5 Soon? appeared first on Coinpedia Fintech News
Despite the crypto market constantly treading under a significant bullish sentiment, the XRP token has recorded a correction of approximately 2% in valuation within the past 24 hours, indicating a bearish sentiment for this altcoin in the market.
However, the XRP price has added 6% over the past week, highlighting a positive uptrend from the long-term perspective. With the current market sentiments, investors are concerned that Will XRP price reach $1 this year?
Ripple’s XRP Token Fails To Test Its Upper Level!
The XRP coin price displayed a neutral trend by trading between $0.5141 and $0.5385 for a brief period. As the volatility increased, the Ripple token displayed a jump of 5.86% on the 14th.
After this, the price faced rejection at $0.5558, following which it traded sideways for a while. The XRP bulls displayed a neutral trend for a while, after which the bulls regained momentum and jumped approximately 7% in valuation.
TradingView: XRP/USDT
After facing rejection at $0.580, the price started trading under a bearish influence and erased all its gains from the pump. Recently, the bulls attempted a breakout, but the altcoin faced rejection at $0.5691 and since then it has been trading in a closed range.
Currently, the XRP price is on the verge of testing its support level, the outcome of which is unpredictable. Positively, the Cross EMA 50-day acts as a support to the price, indicating a high possibility of a trend reversal in the coming time.
Will XRP Price Increase?
The technical indicator, RSI, displays a constant decline in the chart with its average recording a neutral trend, highlighting a bearish influence in the crypto space.
If the market holds the price above the support level of $0.5558, the bulls will attempt a retest to its upper resistance level of $0.5836 this month. However, a rise in the bearish sentiment could lead the price to test its lower limit of $0.5385 in the upcoming time.
Filed under: Bitcoin - @ February 21, 2024 6:11 am