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?”.
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.
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!
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