The cryptocurrency market has experienced a significant correction over the past few days as the uncertainty in the U.S. Presidential elections increases. Moreover, top projects are once again hovering close to their important levels.
Amidst such a situation, will the XRP token record a bullish reversal and make an attempt to retest its resistance level of $0.630? Read this article to understand the possible short-term XRP price analysis!
XRP Price Records Increased Bearish Action!
With a drop of ~2% over the past week, the Ripple coin price has failed to hold its value above its important psychological level of $0.52. Moreover, it has dropped 3.89% during the past 30 days and has a YTD return of -16.48%, highlighting a rising bearish influence.
The Simple Moving Average (SMA) constantly acts as a resistance to the price trend in the 1D time frame. This highlights a weak buying pressure for the altcoin in the cryptocurrency market.
On the other hand, the RSI indicator has recorded a bullish convergence in the XRP price chart. This highlights a mixed technical sentiment for the Ripple token.
Will XRP Price Hit $0.560 Or $0.488 First?
Maintaining the price above its $0.50 mark could set the stage for Ripple crypto to retest its resistance trendline of $0.560. Further, if the bullish sentiment intensifies, this could push the value of this altcoin toward its upper resistance level of $0.630 this month.
On the contrary, if the bears outrun the bulls, the XRP coin price may retest its important support level of $0.488. Moreover, if the bears dominate the crypto space, this altcoin could plunge toward its crucial support trendline of $0.420.
Wondering when will this altcoin reclaim the $1 mark. Read our Ripple (XRP) Price Prediction to uncover the possible long-term mysteries!
FAQs
At the time of writing, the value of one Ripple token was $0.5110.
With the present market sentiment, Ripple may close the year with a maximum trading value of $0.75.
For Ripple to achieve the $1 mark, it has to experience a surge of 95.69%.
