The sideways behavior may be a break to continue in the bullish direction, but it is still unclear whether this will happen. Although the trend is bearish, which favors the sellers, the price of XRP has already had significant bullish momentum.
The bearish tide of the markets is affecting the Ripple cryptocurrency (XRP) significantly. Its price is now testing a support level that it should hold to avoid dropping further. The following analysis provides information on where the value of Ripple might head next in the coming days.
XRP is trading at around USD 0.624 and has accumulated a 0.6% gain over the last 24 hours. Its trading volume is above USD 2.44 billion, and its market capitalization is about USD 30.02 billion. It occupies 7th place in the cryptocurrency ranking, according to CoinGecko.
There is little strength to prevent the bears from putting pressure on the price of XRP. That may be because the resolution of the lawsuit against Ripple by the SEC may not occur until 2023.
Brad Garlinghouse, the CEO of Ripple, recently predicted that the case would end sooner or later. However, the revelations on April 22nd have caused hopes to collapse.
In addition, the bearish trend in the risk asset market is exerting further pressure on this cryptocurrency. It has had a hard time struggling to make its holders happy in the last few months.
The Technical Analysis of the Price of XRP
The XRP/USD monthly chart shows that the price is above a large support zone at around USD 0.60.
As the medium-term/long-term trend remains bullish, the sideways behavior over the last few months may be a break to continue that direction.
However, it is still unclear whether this will happen. It is more likely that the price will lose its immediate support at USD 0.61 to allow for a significant corrective process. If that happened, the ground would be clear for a minimum of USD 0.41.
Before thinking that the price will resume the higher trend, it must break through the resistance at USD 0.81. In that way, it could begin to reach increasingly low lows.
The daily Analysis of the Price of XRP
The daily XRP/USDT shows that the trend is bearish indicating that the short-term odds are on the sellers.
However, it is also possible to see that the price of XRP has already had significant bullish momentum. That means that it might need to make a relevant rally.
The above analysis indicates that the value of XRP is trying to hold the support at USD 0.62. That level might serve as a floor to allow for a respite before dropping further. If the price broke through the resistance at USD 0.65, that would confirm that this would happen in the short term.
By Alexander Salazar
