Price Analysis

Ripple’s XRP Price Displaying the Possibilities of a Trend Reversal, May Plunge Back Below $0.5 Soon!

Written by: Sahana Vibhute

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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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Apr 5, 2022

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Highlights

    XRP price is showcasing a huge possibilities of extending a descending trend as it is testing one of the pivotal levels

    With just a wrong move, the XRP price may slice through the trend line to test the lower support around $0.5 levels

Ripple’s XRP after losing the pivotal resistance at $1.2 appears to have inculcated a consolidated trend. The rally has lost most of its strength while the volatility of the asset also appears to have bottomed hard. And in such cases, the buying pressure may be easily easied with a minimum selling. And hence soon after a significant upswing, the XRP price is primed to squeeze out gains and trade around its initial levels again. 

The asset is currently in one of the curial phases where-in another plunge of nearly 25% may make its way out if the price slips hard from certain levels. The price in the short-term is consolidating within a descending triangle after undergoing a steep drop. And hence display notable chances of undergoing a notable plunge. Adding to the substance, the long term forecast also manifests a significant bearish trend. 

Also Read: BTC Price Fights the Immediate Resistance at $46,700 Displaying Signs of Smashing $100K in Q2 2022

One of the analysts here points out the possibilities of another significant descending trend approaching very fast. The analyst marked some pivotal levels which fall across the blue trend line. Currently, the XRP price is testing the uptrend line and is on the verge to test the circle. As per the analyst, once the price enters the circle, it may get compelled to hit the lower support much below the $0.5 level. 

However, the descending trend may not remain for a long time. As seen in the chart, each time the asset enters the circle, it tends to flip strongly. And hence a significant uptrend could be pre-programmed that may uplift the price. The Ripple’s XRP price long term projection is extremely bullish, carrying the potential to not only barge in a dollar level but also fly high towards $2 in Q2 2022. 

Also Read: Ethereum (ETH) Price Might Crash Heavily If This Happens! Here’s The Potential Low Level

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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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