Ripple’s Price Holds Strong Above $0.6! Will XRP Price Hit $0.75 Soon?
The post Ripple’s Price Holds Strong Above $0.6! Will XRP Price Hit $0.75 Soon? appeared first on Coinpedia Fintech News
The cryptocurrency industry continues to record constant price volatility, but the market continues trading positively, indicating a bullpower within the crypto space. Despite Bitcoin recording a new yearly high, Ripple’s XRP price has recorded neutral trends raising concern over the future price action for this crypto.
Following the market pump, the XRP price has displayed a massive price action and recorded a gain of over 50%. The price broke out of the resistance level of $0.5009 during the surge, following which the price was seen steadily rising before being rejected at $0.5664.
After multiple failed attempts, the Ripple token regained momentum, resulting in it breaking out of it and continuing to rise before being rejected at $0.6177. The XRP token then hovered around the level for a period after which the bulls successfully broke out.
TradingView: XRP/USDT
Following the market pump in November, the price displayed a jump of over 16% after which, it faced rejection at $0.7187. Since then, the price has been trading in a descending channel pattern.
On 14th November, the XRP price recorded a massive jump of over 12% from $0.6646 to $0.7508, resulting in the price breaking out of all patterns but the rally was short-lived as the XRP price experienced a short selling, resulting in it leaving a long wick in the chart and falling back in the channel.
The Relative Strength Index (RSI) has traded below the mid-point for over two weeks, indicating a weak price action for the coin. Further, the averages displayed a sharp rise in the averages following the pump but showed a high possibility of a bearish convergence, suggesting a mixed sentiment in the market.
Will XRP Price Reclaim $1 This Year?
If the bulls break out of the descending channel, the XRP price will regain momentum and prepare to test its resistance level of $0.6412. Further, if the market continues to gain value, it will make a run to test its upper resistance level of $0.6646 soon.
Maintaining the price at that level will set the stage for Ripple’s XRP to attempt to test its key resistance level of $0.7187 in the coming month.
Conversely, if the bulls fail to break out, the price will lose momentum and fall to test its support level of $0.60 soon. Moreover, if the bears continue to dominate the market, XRP price will plunge further and prepare to test its lower support level of $0.5644.
Filed under: Bitcoin - @ November 25, 2023 9:06 am