The cryptocurrency industry recorded a 1.77% increase in the last 24 hours, a jump of nearly $70 billion, after losing $2.10 trillion in global market value yesterday, a 2-month low. During this time XRP The price of has increased by over 5%. This allowed the altcoin to regain the $0.50 mark earlier today. However, Ripple’s XRP token has been struggling to regain momentum following the cross-border market correction in April.
XRP Token Shows Mixed Price Movement
XRP price, crypto- Despite increased price volatility in the market, it continues to trade in a closed range between $0.47 and $0.53. Moreover, Ripple price recorded a 12.13% correction in 30 days and stands at -16.37% year-to-date (YTD), indicating a long-term bearish trend.
On a positive note, as Koinfinans.com reported, the XRP coin price increased by 5.39% over the past day and 0.68% over the past seven days, indicating a rising bullish impact for this altcoin in the cryptocurrency industry.
The Simple Moving Average (SMA) acts as a resistance to the price chart on the 1D time frame. Additionally, XRP price is on the verge of testing a breakout whose outcome is unpredictable.
On the other hand, the technical indicator MACD shows a solid green histogram on the chart, indicating a strong bullish influence in the crypto industry. However, the averages trend neutral, indicating mixed sentiment for this altcoin in the market.
Will XRP Price Rise?
If the market continues to gain momentum, XRP price will test the $0.5340 resistance level this week. If the price finds support at this level, Ripple’s XRP token may attempt to test the upper resistance zone at $0.57 over the next week.
However, if the bears beat the bulls, altcoinThe price could lose momentum and move towards the important $0.47 support level under negative sentiment.
