Price Analysis

XRP Price Showing Some Signs of Recovery, It Should Make Out to These Levels to Reach $1 Pivotal Zone!

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 27, 2022

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Highlights

    XRP price is attempting to rebound from the previous day’s loss as it is accumulating significant gains

    Yet, the price needs to hit the nearest psychological barrier to range beyond $0.8 slicing through the crucial levels of $0.78

The Ripple Vs SEC case is undertaking new twists and turns every new day, yet the XRP price is witnessing no major impact. The price still remains under the crucial barrier which may be a little matter of concern. But however, the asset appears to be primed to regain the bullish momentum very soon and regain its lost position above $0.71 before the end of the monthly trade. 

No doubt the XRP price in the longer time frame is an extremely bearish trend, but the Ripple price is making larger attempts to consolidate well. However, the price is still primed to take a deep dive into the descending trend that may again test the lower support at $0.66. And despite a couple of retests, the price couple of rebound, the downswing may continue. 

As the price remains largely below the trend line, the possibility of a massive flip is relatively less. Moreover, the RSI has hit the rock bottom levels in the higher time frame and hence a flip may induce a significant bullish momentum. But it may be a short-lived one as the selling volume still dominates. The asset being less volatile may not undergo a strong price movement in either of the directions. Moreover, the strength of the rally is extremely weak, therefore the price could continue depleting until the end of the monthly trade. 

On the contrary, if case XRP price tried to rebound, the market sentiments need to flip which may accomplish in the BTC price reaching beyond $40,000. Despite the technicals being extremely bearish, the XRP price could quash the descending trend only with a significant push in buying volume. 

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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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