Amid increased price volatility in the crypto market, the Ripple price has lost ~$800 million from its portfolio in the past 24 hours. Moreover, with a strong rejection, this altcoin has continued trading within the channel pattern since July.
With the current market sentiments, the hopes of investors on XRP price achieving the $1 mark have started to dilute. Moreover, with questions like “Will XRP price ever rise up?” and “How low will Ripple go?”, investors are uncertain about the token’s future prospects.
Despite recording a positive inflow after the launch of Grayscale’s XRP trust, this altcoin has faced rejection at its resistance trendline of the descending channel pattern in the 1D time frame. This highlights a strong bearish influence in the crypto space.
Notably, it has dropped 2.29% within the past day with a trading volume of $1.004 billion. Moreover, it has lost 2.20% during the past 30 days and has a Year-to-Date (YTD) return of -9.08%.
The EMA 50-day acts as a support to the Ripple price chart in the 1D time frame. This indicates a rising bullish sentiment in the crypto space for the altcoin.
Further, the Moving Average Convergence Divergence (MACD) displays a constant green histogram with its averages showing a rising pattern. This indicates a bullish outlook for the XRP coin price in the coming time.
A bullish reversal could push the price toward its resistance trendline of the channel pattern. Moreover, a positive breakout could result in it heading toward its upper resistance level of $0.630 during the upcoming weeks.
On the flip side, if the bears continue to dominate the crypto space, this could pull the price of Ripple toward its support of $0.560. Further, if the bulls fail to regain momentum at that point, this could result in the XRP crypto plunging toward its lower support level of $0.480.
Curious about the long-term prospects of XRP? Our Ripple (XRP) Price Prediction solves all such doubts!
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