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The crypto industry continues to display significant price volatility as major cryptocurrencies constantly record fluctuations in their portfolio. On the other hand, Ripple’s XRP price shows a sideways price action, indicating a reduced demand for the token in the crypto space.
The Ripple’s XRP price displayed a weak price action and traded in a closed range between $0.6139 and $0.6286 for a while, following which the bulls regained momentum and attempted a breakout.
However, the rally was short-lived as the price faced rejection at $0.6445, resulting in it experiencing a pullback within the range. Following this, the price traded in a consolidated range between $0.6139 and $0.6445 for over a week.
As the market lost momentum, the XRP token recorded a correction of over 13% in valuation. After this, the price traded sideways in a closed range between $0.560 and $0.577 for a period.
Following this, the price successfully broke out of the resistance level and jumped 9.625%, before facing rejection at $0.6139. The RippleXRP token then lost momentum and erased all its gains, indicating a strong bearish influence.
Since then, the price has been trading in a closed range between $0.560 and $0.577, indicating a weak price action for the coin. Negatively, the Cross EMA 50-day acts as a resistance to the price, highlighting a bear power in the crypto market.
Will XRP Price Rise Back Up?
The technical indicator, MACD, displays a constant flatline, indicating weak buying and selling pressure in the market. Further, the averages show a neutro trend, highlighting uncertainty in the future price action for this token.
If the bulls push the price above the resistance level of $0.5778, the XRP price will regain momentum and test its upper resistance level of $0.5976. Moreover, if the bulls hold the price above that level, it will prepare to test its resistance level of $0.6139 in the coming days.
Conversely, if the bulls fail to gain power, the Ripple token will lose momentum and test its support level of $0.560 soon. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.5435 by the week ahead.
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