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Despite the market taking steps toward stability and trading in the green, the XRP price has displayed a neutral move as the coin has not booked any gains or losses for over a week now, indicating a weak buying-selling power for this crypto.
The XRP coin has displayed massive price turbulence since the start of the month, as the price showed a positive trend for the first few days, after which Ripple’s XRP has been constantly trading under a bearish influence.
The XRP price experienced its first dip after the month surge, after which the coin was seen trading in a consolidated range of $0.5130 and $0.5233 for a time. The XRP token then witnessed another dip in this price and started trading in a consolidated range of $0.4810 and $4913.
The price gained a minor bullish momentum and started trading positively again but was rejected at just under $0.5, indicating a bear power in the market. After that, the XRP coin recently displayed another dip in its value, resulting in the price forming a cup and handle pattern, suggesting a high possibility of a trend reversal in the coming days.
Moreover, the chart has also displayed a descending channel overlapping the cup and handle pattern. The price is presently testing its support trendline and is on the verge of testing its resistance level at $0.4913, of which the outcome is unpredictable.
The MACD displays a rising red histogram in its charts, indicating the possibility of the price losing momentum and trading negatively in the coming time. Further, the indicators show a bearish convergence in the levels, suggesting a massive price action underway.
If the bulls regain momentum and hold their price above the resistance level of $0.491, the price will make a run to break out of its pattern. If the XRP price breaks out, it will continue to rise and test its upper resistance of $0.5021 soon.
On the contrary, if the bears overpower the bulls and break down the pattern, the price will lose momentum, continue to fall, and test its support level of $0.4810 soon. Moreover, if the price experiences a trend reversal, then the price will experience a price plunge and dip towards its crucial support level of $0.4700 and test it.