Ripple Token Holds Its Price Above $0.60 Despite Bearish Wave! What’s Next For XRP?

The post Ripple Token Holds Its Price Above $0.60 Despite Bearish Wave! What’s Next For XRP? appeared first on Coinpedia Fintech News

Despite the cryptocurrency market gaining significant price momentum, Ripple’s XRP price continues to display a neutral trend, indicating weak buying and selling pressure for this token in the market.

The XRP price traded in a consolidated range between $0.5976 and $0.6302 for a brief period, following which the price gained momentum and jumped over 10%. However, the price faced rejection at $0.6921, after which it recorded a trend reversal and leveled all its gains within a week.

Following this, the price continued to trade in a range between $0.5976 and $0.6302 for over a week. As the selling pressure increased, the bulls lost momentum and broke down the support level, but the bulls held the price above the support level of $0.5779, resulting in a bounce back in the range.

Since then, the token continues to trade in a closed range between $0.6139 and $0.6302. Moreover, the Cross EMA 50/200 Day displays a high possibility of a Death Cross, indicating the price will undergo significant correction in the coming time.

Will Ripple Price Increase?

The technical indicator, MACD, displays a constant green histogram, indicating a bullish sentiment in the market. Further, the averages show a neutral trend, suggesting an uncertainty in the future price action of the coin.

If the market gains momentum, the bulls will prepare to test its resistance level of $0.6302 in the coming week. Further, if the bulls continue to gain power the XRP price will run and test its upper resistance level of $0.6479 by the month-end.

Conversely, if the bears overpowered the bulls, the Ripple price would lose momentum and fall to test its support level of $0.6139. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its crucial support level of $0.5976 in the coming time.