Ripple Price Continues Displaying Neutral Trend! Is XRP Token About To Explode?

The post Ripple Price Continues Displaying Neutral Trend! Is XRP Token About To Explode? appeared first on Coinpedia Fintech News

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.

TradingView: XRP/USDT

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 neutral 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.