Is Ripple (XRP) Price Ready to Soar 100% Upward? But Wait, There’s a Catch
In the recent development, and the positive CPI data release, the cryptocurrency market has witnessed a significant decline with Bitcoin dropping below the $60,000 mark, indicating increased selling pressure.
XRP has also seen a minor 1% decrease during this period, leading to growing concerns about its potential to reach $1 and recover in the current year. This article will explore market sentiment, price analysis, and short-term price targets for Ripple (XRP).
XRP Price Analysis
In the 1-day timeframe, Ripple’s price has formed a symmetric triangle pattern since July with a resistance zone around $0.630, marking a significant liquidation point. With a trading volume of $0.5712 and a circulating supply of 56,113,081,096 XRP tokens, it stands as the 7th largest cryptocurrency, holding a market capitalization of $32.573 billion.
Read Also: Ripple Forms Strategic Partnership with SBI Digital Community to Enhance XRP Ledger
The Relative Strength Index (RSI) remains close to its midpoint, indicating relatively weak buying and selling pressure. Additionally, the SMA indicator suggests a mixed sentiment for XRP’s price this week.
Price Action
Sustaining XRP above the $0.560 support level may build bullish momentum to challenge the $0.630 resistance, potentially reaching the upper resistance level of $0.690 in the near future.
On the other hand, a bearish trend could prompt a retest of the $0.560 support level, potentially leading to a decline towards the $0.4880 low if bearish dominance in the cryptocurrency market persists.
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