Following the Securities and Exchange Commission (SEC) appeal on a Federal ruling that stated XRP tokens are non-security assets, the altcoin has experienced a major hit. Notably, it has leveled all its gains from the previous month, giving it a fresh start to the Ripple vs SEC case.
With this, the possibility of the XRP token achieving the $1 mark this year seems to have started fading away. Further, investors are concerned with questions like “Will Ripple rise back up?” and “ Is XRP hitting the $1 still achievable?”.
Ripple Crypto Fails To Gain Momentum:
Despite recording a jump of ~1% in the past 24 hours, the XRP crypto price has recorded a drop of 11.24% over the past week. Moreover, it has plunged 5.53% during the past month and has a Year-to-Date (YTD) return of -14.96%, highlighting a long-term bearish action for it in the market.
Furthermore, it has formed a descending channel pattern in the 1D time frame and has continued trading within it since July. Notably, the altcoin had recorded a breakout, but following its rejection at the resistance level of $0.630. It faced a strong bearish pullback.
The EMA 50/200-day records increased the bearish trend in the 1D time frame. Further, with a potential Death Cross, this indicator highlights a negative price action for the altcoin in the coming time.
Moreover, the MACD shows a significant rise in the red histogram in the XRP price chart. Moreover, its averages experience a bearish convergence, suggesting that the XRP crypto will continue losing value.
Will The XRP Price Go Up?
If the bulls regain momentum, the Ripple price will test its resistance level of $0.56 in the coming time. Furthermore, if the bullish sentiment intensifies, this could result in the XRP coin price heading toward its upper resistance level of $0.63 this month.
On the flip side, if the bears continue to overpower the bulls, this could result in the Ripple token retesting its crucial support trendline of $0.480 during the upcoming weeks.
Worried about your XRP holdings? Read our Ripple (XRP) Price Prediction for a peak into the future!
