XRP Price Loses Momentum! Is A Correction Of 20% underway?
The post XRP Price Loses Momentum! Is A Correction Of 20% underway? appeared first on Coinpedia Fintech News
Despite the top cryptocurrencies recording new yearly highs, Ripple’s XRP token continues its struggle to break out of its key resistance level at $0.6404. The XRP token has faced repeated rejection at that range, highlighting a strong liquidation point at that level.
The Ripple price traded in a narrow space between $0.5374 and $0.5730 for a while, following which the price gained momentum and broke out of the range. The XRP price recorded a jump of approximately 8%, after which it faced rejection at $0.6177.
The Ripple token then traded sideways for almost a week, following which the XRP bulls regained momentum and broke multiple resistance levels by adding 17% in value.
TradingView: XRP/USDT
After reaching a top of $0.7187, the price lost momentum and started trading under a bearish influence with a constant price drop. The price was seen trading in a descending channel pattern for a while.
Further, the price has been trading in a consolidated range between $0.5962 and $0.6404 for over two weeks, indicating a weak buying and selling pressure for the coin.
The Moving Average Convergence Divergence (MACD) displays a neutral trend, indicating uncertainty in the future price action for the coin. Further, the averages show a bearish convergence, suggesting the price will undergo correction soon.
Will The XRP Price Hit $0.74 Soon?
If the bulls push the price above the resistance level of $0.6177, the XRP price will regain momentum and prepare to test its upper resistance level of $0.640.
Maintaining the price at that level will set the stage for the Ripple token to test its upper limit of $0.6646 in the coming week.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.5962. If the bears continue to dominate the market, it will further drop and test its lower support level of $0.5730.
Moreover, if a trend reversal occurs, the XRP price will experience a significant correction in value and prepare to test its crucial support at $0.5374 in the days ahead.
Filed under: Bitcoin - @ November 30, 2023 7:23 am