The post XRP Price Analysis: Will Ripple Price Break The Trendline Or Get Rejected? appeared first on Coinpedia Fintech News
As the crypto industry continues to gain momentum, the XRP price starts to gain price and is currently trading in an ascending channel since mid-September. The Ripple coin experienced significant price volatility during September but has stabilized and leveled out all its losses.
Following the dip at the start of the month, the price was seen trading in a consolidated range of $0.49 and $0.51, after which the coin experienced another dip in its value. Since then, the XRP coin has steadily gained power and has risen.
Ripple’s XRP has recently displayed a huge dip in its charts, indicating a possibility of a trend reversal, which could result in the coin losing its value and testing the trendline before a potential breakdown.
The MACD displays significant price volatility in its charts, indicating a massive price action. Further, the chart recently displayed a decline in the histogram, indicating uncertainty in the future price action of the market.
The RSI average was seen constantly rising and crossed the overbought range, following which the chart displays a significant decline in its value, indicating a reduction in buying and selling pressure. Further, a bearish convergence can be seen in the chart, indicating the price to take a dip in the coming days.
In conclusion, if the Bulls gain power and break out of the resistance trendline at $0.55, then the XRP price will experience a bullish jump in its value and may continue to rise. Further, if the market manages to hold the price above the level, the XRP crypto will soon prepare itself to test the upper resistance of $0.580.
On the flip side, if the bears gain power and a trend reversal occurs, then the price will lose its value, resulting in the coin breaking down the trendline. Moreover, if the bull fails to fight back and hold the price, then the RippleXRP will continue to plunge and test its lower support level of $0.4950 in the coming week.