The crypto market displays significant price volatility as top tokens record increased price action post-Bitcoin Halving. Top altcoins witness a pullback toward their support levels, indicating a mixed sentiment in the crypto space.
However, the XRP price continues to experience a bearish price action, indicating a rise in the investor’s disinterest. Despite the altcoin recording a jump of over 6% past week, it has experienced a strong bearish price movement this week.
Ripple Token Records A Strong Bearish Trend:
The XRP price has displayed a volatile price movement since the year started, indicating an increase in the price action for this altcoin. Despite a bullish start to the year, Ripple’s price has a YTD of -14% in valuation, highlighting a bearish outlook for the altcoin in the long-term perspective.
The XRP token has corrected roughly 2% within the past 24 hours. Moreover, the Cross EMA 50/200-day has displayed a Death Cross in the 1D time frame, suggesting the price will continue losing value this week.
The Relative Strength Index (RSI) shows a bearish price action in the chart, highlighting increased selling-over-buying pressure in the cryptocurrency industry. Moreover, the averages display a constant downtrend, indicating a weak price action for the altcoin in the coming time.
Will XRP Price Ever Go Up?
If the market displays a bullish reversal, the XRP price will test its resistance level of $0.56 by the coming weekend. Maintaining the price at that level will set the stage for the Ripple token to attempt to test its upper resistance level of $0.64 during the coming month.
Negatively, bearish price action could result in Ripple’s XRP token testing its support level of $0.4790. Moreover, if the bulls fail to regain momentum at that point, the XRP token could further fall and test its new lows this year.
Credit: Source link