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XRP is swinging in a very narrow range from the past couple of days and hence presumed to be stagnant.
Some analysts believe a remarkable move is expected very shortly either with the Altcoin rally or Bitcoin rally
However, the second wave of XRP-Buying is the need of the hour.
Has XRP Price Entered a Correction Phase?
Ripple’s native coin XRP rallied similar to the previous bull run in 2017, with more than 125 percent gain. The XRP price was expected to touch $1 but woefully dropped and currently trending around $0.61 levels.
One of the analysts believes the asset is waiting for a bigger push and might touch $0.75. The price might surge as a result of the Spark token airdrop for XRP holders which is scheduled for 12 December 2020.
XRP which faced an intense instability from the past couple of days might get consolidated in the coming days with the return of the market-wide momentum.
XRP Price Analysis
The Altcoin seems to have mounted an intense pressure as the volume has dipped drastically. The double-digit 24-hour trading volume has dipped below $10 billion as the price appears to be more or less stagnant.
However, the second wave of purchases needs to be set up and amplified for the XRP bull rally towards $1. At the time of composition, XRP is trading at $0.6184 with a dip of 0.84 percent in its price.
The strong resistance is occurred around $0.63, once these levels are broken, the next levels to be tested are around $0.65 and finally at $0.67. However, the support levels stand firm at $0.59, to which XRP price should not visit in order to continue with the bull run of Ripple’s XRP.