Price Analysis

Ripple(XRP) Price Testing an Important Region, Will it Make it Above $0.5 or Break Down Below $0.4?

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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May 31, 2022

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The Ripple’s XRP price was swinging within a notable symmetrical triangle ever since the markets crashed heavily in the recent past. The asset was rejected a couple of times, in an attempt to barge in through the upper resistance. And hence as the rally strength was weakened, the asset hovered within the triangle, accumulating strength to kick-start a strong uptrend. 

xrpprice

The XRP price after consolidating above $0.71 for quite a long time dropped hard indicating the resurgence of the bearish trend. Mainly due to the fact that the prices broke down the pattern and dropped slightly below the lower support. However,  the present recovery flipped the bearish trend completely, yet the fear of rejection still haunts largely. 

Also Read: Apecoin Back as Top Preferred Asset by Ethereum Whales Along With These 3 Altcoins

However, if the assets make it through the immediate resistance, then the chances of the assert regaining the levels above $0.5 appear imminent. Else if the prices are been rejected, then a notable pullback may drag the price down to $03310. As predicted by a popular analyst, the XRP price is currently testing one of the crucial resistance levels. 

The rejection at these levels, however, points out yet another descending trend that may drag the price below $0.4. On the contrary, an upward breakout from here may result in a retest of the immediate and strong resistance at $0.51 to $0.55. 

Also Read: Bitcoin (BTC) Price Successfully Breaks An Important Zone, Target at $42,000 Appears to be in Place

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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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