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December 7, 2023
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XRP Price Analysis: XRP Price To Plunge As Stormy Clouds Gather?

The post XRP Price Analysis: XRP Price To Plunge As Stormy Clouds Gather? appeared first on Coinpedia Fintech News

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.

XRP Price Analysis
TradingView: XRP/USDT

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.

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