The market leader, Bitcoin price experienced a significant correction of over 4% in value within the past day, resulting in a market-wide correction today. Top altcoins have followed in the footsteps of the star crypto and displayed corrections in their respective prices.
Ripple’s XRP price was on the verge of surpassing the Binance (BNB) token to claim the 4th spot on the leaderboard, but the correction has pulled back its valuation significantly.
The XRP coin price started trading in November in a closed range between $0.5885 and $0.6177 for the first five days. Following this, the price gained momentum and recorded a jump of approximately 17% in value.
After this, the price faced rejection at $0.7244, resulting in the bulls losing momentum. The XRP price then traded in a consolidated range between $0.6404 and $0.7004 for a period.
Following multiple failed attempts, the bulls lost momentum, resulting in the price experiencing significant price volatility and further recording a correction of over 11%.
The RippleXRP token then displayed a sideways trend for over two weeks, after which the bulls regained momentum and displayed a jump of approximately 15% before facing rejection at $0.7004.
Since then, the price has been trading under a bearish influence and has recorded a loss of over 10%.
Will XRP Price Drop Again?
The Relative Strength Index (RSI) displays a sharp fall below the midpoint, indicating increased selling pressure in the market. Further, the average shows a bearish curve, suggesting the price will continue losing value before a possible bounceback.
If the bulls hold the price above the support level of $0.6177, the XRP price will regain momentum and prepare to test its resistance level of $0.64. Maintaining the price at that level will set the stage for the XRP price to attempt to test its upper resistance level of $0.70 in the coming days.
Conversely, if the bears continue to gain power and pull the price below the support level of $0.6177, the price will prepare to test its lower support level of $0.5885. Moreover, if the bears continue to dominate the market, the Ripple price will plunge further and test its crucial support level of $0.5666 this month.
