Despite top cryptocurrencies posting new yearly highs, Ripple’s XRP The token continues to struggle to break out of the key $0.6404 resistance level. The XRP token has been rejected multiple times in this range, underlining a strong liquidation point at this level.
Ripple price traded in a tight area between $0.5374 and $0.5730 for a while. Then the price gained momentum and broke out of the range. XRP price jumped nearly 8% and was subsequently rejected at $0.6177.
The Ripple token then traded sideways for almost a week. Then, XRP bulls gained momentum and broke multiple resistance levels, adding 17% in value.
Koinfinans.com As we reported, the price lost momentum after reaching $0.7187 and started trading under a bearish effect with a continuous price decline. It was seen that the price was traded in a decreasing channel formation for a while.
Moreover, the price has been trading in a consolidated range between $0.5962 and $0.6404 for more than two weeks, indicating weak buying and selling pressure for the coin.
Moving Average Convergence Divergence (MACD), altcoin It exhibits a neutral trend indicating uncertainty in future price movement. Additionally, the averages are converging downwards, indicating that the price will soon correct.
Will XRP Price Reach $0.74 Soon?
If the bulls push the price above the $0.6177 resistance level, XRP price will regain momentum and prepare to test the upper resistance level at $0.640.
Holding the price at this level would set the stage for the Ripple token to test the upper limit of $0.6646 next week.
Conversely, if the bears overcome the bulls, the price will lose momentum and decline to test the $0.5962 support level. If the bears continue to dominate the market, it will decline further and test the lower support level at $0.5730.
Moreover, if the trend reverses, XRP price will experience a significant correction in its value and prepare to test its important support at $0.5374 in the coming days.