Despite the cryptocurrency industry facing significant price volatility, the Ripple Labs, XRP token continues to display neutral trends in its chart, indicating a weak interest of the investors in it.
The XRP price traded in a closed range between $0.5976 and $0.6302 for a while, after which the market lost momentum and the price broke down the range. The bulls held the price above the support level of $0.5778, resulting in a bounce back within the range.
After trading sideways for almost two weeks, the XRP token regained momentum and jumped over 5%, but the rally was short-lived as the price faced rejection at $0.6479.
Following multiple attempts, the XRP token regained momentum and jumped approximately 7%, after which the coin faced rejection at $0.6921. Since then, the XRP coin price has been trading under a bearish influence and in a range between $0.5976 and $0.6302.
Moreover, the Cross EMA 50/200 Day displays a Death Cross, highlighting the possibility of the coin undergoing a significant correction in value in the coming time.
The technical indicator, MACD, displays a flatline in the chart, indicating weak buying and selling pressure in the market. Further, the averages show a neutral trend, suggesting an uncertainty in the future price action of the coin.
Will XRP Price Reach $1 Soon?
If the bulls push the price above the resistance level of $0.6139, the XRP bulls may regain momentum and prepare to test its upper resistance level of $0.6302.
If the bulls maintain the price at that level, it will set the stage for the Ripple token to test its resistance level of $0.6479 in the coming days.
Conversely, if the bears overpowered the bulls, the price would lose momentum and prepare to test its support level of $0.5976 this week. Moreover, if the bears continue to hold power, it will plunge further and prepare to test its crucial support level of $0.5778 soon.
