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The crypto industry has displayed a significant correction in its valuation after trading under a strong bullish influence for the past few days. Top tokens have recorded a correction of over 5% in their respective portfolio.
On the other hand, the XRP price has recorded a correction of over 6.5% within the past 24 hours, making it one of the top losers of the day.
Ripple Token Displays A Stong Bearish Reversal In The Chart!
Ripple’s XRP token traded in a consolidated range between $0.530 and $0.578 for a brief period, indicating weak buying and selling pressure for the altcoin in the market. As the volatility grew, the bulls recorded a jump of 13.50% in valuation before facing rejection at $0.6016.
After trading sideways for a while, the bulls regained momentum and recorded another jump of 14.60%, following which the bulls lost momentum, resulting in a price plunge. The XRP token recorded a correction of 14.29% within the next two days, highlighting a strong bearish influence in the space.
The Ripple token tested its low of $0.5545, following which the bulls regained momentum and recorded a bounce back in the chart. After trading sideways between $0.6016 and $0.6290, the bulls regained momentum and jumped 21.50% in the chart. Since then, the price has been trading under a bearish influence.
The technical indicator, MACD, displays a constant rise in the red histogram, indicating increased selling pressure in the crypto industry. Moreover, the averages show a descending trend, suggesting a negative price action for the altcoin in the coming time.
Will XRP Price Increase?
If the market holds the price above the support level of $0.6290, the bulls will regain momentum and prepare to test its resistance level of $0.6930. Maintaining the price at that level will set the stage for the XRP token to test its upper resistance level of $0.7310 over the coming weekend.
Conversely, if the bears continue to overpower the bulls, the price will test its lower support level of $0.6016. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower level of $0.5780.
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