Price Analysis

Ripple Consolidating, Will XRP Price Loose $0.7 Mark?

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Highlights

    Ripple jumped out of action and spiked more than 18% in just an hours time, yet initiated with a consolidation soon

    If the price follows the same previous trend then the chances of plunging back below $0.7 are quite high

Ripple announced the very first live on-demand liquidity offering in Japan, and the XRP price skyrocket more than 17%. However, after a magnificent jump, the price yet initiated with accumulation with a sideways trend. Thus, pointing out towards a probable dump if the price movement follows a similar trend. 

No doubt the XRP price is positioned well above the 200-day MA after the fresh surge, and if it plunges further still, the levels may be maintained. But, currently, equal selling pressure is also visible that could hinder the price rally close to $1. Therefore, the price needs to exit the consolidation at the earliest in order to maintain with the uptrend. 

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The price in the past couple of days had experienced a similar rally and after a small consolidation dropped close to previous levels. Interestingly, the XRP price is yet again on the verge to form a similar pattern. If, by chance the price dumps then it could plunge below $0.7. But on the other hand, the price sustained above the 50-day MA throughout the rally. And hence a substantial bounce may be imminent if in case the price hits these levels. 

Additionally, the Ripple vs SEC lawsuit settlement could be on the toes that could provide a notable jump. And hence by breaking the accumulation, the XRP price could march towards $1 in short term.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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