Ripple (XRP): What Next After 20% Weekly Drop?

Ripple’s downtrends witnessed a temporary pause following a massive crash over the past week.

  • Vital support zones – $0.58 and $0.50
  • Vital resistance zones – $0.65 and $0.70

Ripple (XRP) seems to secure lucrative support at the $0.58 mark following challenging sessions over the past week. That way, the remittance token saw its downtrends pausing momentarily. Meanwhile, the currency has its nearest resistance at $0.65. With such price actions, market players might see a relief rally from XRP.

Technical Indicators

  • Trading Volume

The volume appears to decrease following an enormous selloff over the past week. Such a narrative explains why XRP maintained beyond the vital support.

  • Relative Strength Index

The daily Relative Strength Index stays within the oversold region and attempts to escape, targeting an upward move. Meanwhile, the indicator faced rejection in its first attempt. However, the current price move might translate to another shot.

  • Moving Average Convergence Divergence

The daily Moving Average Convergence remains bearish. Moreover, a consolidation phase may be necessary before a reversal emerges.

Ripple Bias

Ripple’s current bias remains bearish. Nevertheless, sellers may be losing motivation to drag the token low. That way, XRP might witness a relief rally. While publishing this post, XRP traded with slight gains at $0.6027, ranking 8 in the crypto-currency list by market capitalization (Coinmarketcap data).

XRP Near-Term Price Prediction

For now, XRP’s probable move may be consolidation and not dipping more. The cross-border transaction coin might surge towards $0.70 if bulls break the vital resistance mark at $0.65. Nevertheless, market experts remain bullish about XRP.

Nevertheless, Ripple price movements may rely on Bitcoin’s actions. The largest crypto by value, BTC, recorded bullish actions within the past day as it rose to levels of $36K from lows near $33K. Such developments triggered bullishness in the crypto market. While writing these lines, BTC trades at $36,660.

Though BTC rides upside waves, a U-turn will hinder XRP from attaining its bullish goals. That is why experts urge investors to wait for decisive directional moves before entering positions. For now, crypto fans may expect a relief rally from XRP, but the token lacks the fundamentals to support a steady upswing.

Stay tuned for the latest updates.

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