The cryptocurrency industry has displayed a short bounce back of 1.77%, a jump of approximately $70 Billion within the past 24 hours after recording a 2-month low of $2.10 T in its global market capitalization yesterday.
On the other hand, the price of XRP has recorded a jump of over 5% in valuation, resulting in this altcoin reclaiming the $0.50 mark during the early trading hours today. However, the Ripple token continues its struggle to regain momentum, following the April cross-border market correction.
The XRP price continues to trade in a closed range between $0.47 and $0.53 despite increased price volatility in the crypto market. Moreover, the Ripple price has recorded a correction of 12.13% within 30 days and its Year-to-Date (YTD) stands at -16.37%, indicating long-term bearish sentiment.
Positively, the XRP coin price has added 5.39% within the past day and 0.68% over the past seven days, indicating a rising bullish influence for this altcoin within the cryptocurrency industry.
The Simple Moving Average (SMA) acts as a resistance to the price chart in the 1D time frame. Furthermore, the XRP price is on the verge of testing a breakout, the outcome of which is unpredictable.
On the other hand, the technical indicator, MACD, displays a constant green histogram in the chart, indicating a strong bullish influence in the crypto industry. However, the averages show a neutral trend, suggesting a mixed sentiment for this altcoin in the market.
If the market continues to gain momentum, the XRP price will test its resistance level of $0.5340 this week. Maintaining the price at that level will set the stage for Ripple’s XRP token to attempt to test its upper resistance zone at $0.57 during the upcoming week.
However, if the bears continue to overpower the bulls, the Ripple coin price will lose momentum, continue to trade under a negative sentiment, and plunge to its crucial support level of $0.47.
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