Price Analysis

XRP Price Feared To Plunge Down, Here Is When It Can Bounce Back!

Highlights

    XRP price is trending in a very decisive phase where-in a massive breakout is mandatory else the price is feared to swing down

    In case the price fails to rebound, it may revisit much lower levels than expected in the coming days

Ripple’s XRP in recent times has lagged with the bullish momentum which was required to maintain the uptrend. No doubt the XRP price had attempted to recover the losses yet the attempts appear to have failed as it failed to form higher highs.

XRP’s daily chart price movements suggest that the price is currently trending within a very narrow and decisive phase. The price no matter has not yet broken the trend line but feared to do so as no significant bounce is seen on the daily chart.

xrpchart

As mentioned in the above chart, the price on the verge to enter the strong support zones which was a resistance level previously. And hence if these levels are flipped the next support levels may be much lower around $0.4.

Also Read: Ripple Moved 140.5M XRP in the last 20 hours! XRP Price Embarcks a Bullish Journey

However, the hourly chart points out a possible rebound as the price has failed to break below the trend line. Moreover, it has recorded a slight rebound with a little consolidation. And hence as predicted by a cryptocurrency investor and analyst, NFTeddy, the bullish structure is still intact. 

The price is successfully sustained above $0.819 levels, despite a notable dip in the 24-hour trading volume. Nevertheless, the price may explore higher high ditching the lower levels and with the updates of the Ripple-SEC phase, the XRP price is expected to propel towards a set target above $1 to hit $1.5.

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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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