Despite experiencing several positive events such as winning the Ripple vs SEC ruling, Grayscale adding the XRP trust, and a strong bullish reversal in the crypto market. Ripple’s native token “XRP” continues recording a neutral price action for a brief period.
With this, altcoin investors and Satoshi-era investors are concerned about the prospects of one of the oldest cryptocurrencies to exist. Planning to stack more XRP tokens with a strong belief in an optimistic future? Dive in to find out the short-term prospects of the Ripple (XRP) crypto token.
Ripple Price Tests Its Important Resistance Trendline
In spite of increased price volatility in the crypto market, the XRP price has recorded a neutral price action over the past few days. Reportedly, this altcoin has experienced a variation of less than 1% over the past 30 days. This indicates a weak price action for it in the crypto market.
Moreover, it has recorded a Year-to-Date (YTD) return of -6.88%. This indicates a long-term bearish sentiment for the XRP price in the market. With a 24-hour trading volume of just over a billion and a market cap of $33.15 billion, Ripple continues to hold its 7th position in the crypto-verse.
XRP Technical Sentiments
The EMA 50-day constantly acts as a support to the price chart. This indicates a strong bullish sentiment for the altcoin in the crypto market.
Further, the Relative Strength Index (RSI) is on the verge of recording a positive crossover in the 1D time frame. This suggests that the price of Ripple may continue gaining value in the coming time.
Will Ripple Slingshot To $1 in Q4?
A bullish breakout could result in the XRP coin price heading toward its upper resistance level of $0.630. Maintaining the price at that level could set the stage for it to head toward its upper high of $0.690 during the upcoming weeks.
Taking the present trading price into consideration, the Ripple (XRP) price requires a jump of ~69% to achieve the $1 mark this year.
On the flip side, if a trend reversal occurs, the XRP crypto price will retest its important support zone of $0.560. Furthermore, if the bearish sentiment intensifies, this could result in it plunging toward its lower support trendline of $0.480 in the coming time.
Concerned about the future of your XRP holdings? Read our Ripple (XRP) Price Prediction!
