The crypto industry experienced a fall for the second straight day, indicating massive selling pressure within the market. Despite Bitcoin and Ethereum prices trading in the red, XRP price has managed to be the top gainer, with an increase of over 3% compared to the last day.
Following the price plunge after the Ripple vs. SEC case victory, the XRP coin was seen trading in consolidated ranges for a brief period, after which the price took another dip in its value. After the dip, the XRP price has been steadily traded in an ascending channel since mid-September.
Ripple’s XRP has made multiple attempts to break down the trend, but the bulls have managed to hold the price within the range, resulting in the coin continuing to trade in the channel.
Further, the EMA 50 and 200 days are moving close to each other and are on the verge of the golden cross, which could result in the price gaining a bullish moment and possibly breaking out of the trend.
The MACD has displayed constant volatility in the charts since the beginning of the month of September. Moreover, the chart displays a recent spike toward the green histogram, indicating a strong price action for the XRP token.
Will Ripple Rise To $0.55 Soon?
If the bulls manage to gain power and push the price above $0.5337, then the price will gain momentum. Further, if the market manages to hold its price, then the price will continue to rise and test its upper resistance of $0.5589 soon.
If the market experiences a golden cross, then the price will witness a significant value jump and may retest the $0.700 level this month.
On the contrary, if the bears overpower the bulls and a trend reversal occurs, then the price will lose momentum and test its support level at $0.5130. Moreover, if the bulls fail to hold the price at that level, then the price will continue to dip and test its lower support level of $0.4913.
