Despite the cryptocurrency industry facing significant price fluctuations, Ripple Labs’ XRP token continues to display a neutral trend on the charts, indicating weak investor interest.
XRP price traded in a closed range between $0.5976 and $0.6302 for some time before the market lost momentum and the price broke the range. The bulls bounced back within the range, holding the price above the support level of $0.5778.
After trading sideways for nearly two weeks, the XRP token regained momentum and surged more than 5%, but the rally was short-lived as the price was rejected at $0.6479.
After several attempts, the XRP token regained momentum and rose about 7% after which the coin was rejected at $0.6921. Since then, the XRP coin price has been trading bearishly between $0.5976 and $0.6302.
Additionally, the Cross EMA 50/200 Day is marked with a Death Cross, highlighting the potential for a major adjustment in the coin’s value in the future.
MACD, a technical indicator, displays a flat line on the chart, indicating weak buying and selling pressure in the market. Additionally, the average shows a neutral trend, suggesting that there is uncertainty about the future price movement of the coin.
Will XRP price reach $1 soon?
If the bulls push the price above the resistance level of $0.6139, the XRP bulls could regain momentum and prepare to test the upper resistance level of $0.6302.
If the bulls keep the price at that level, the stage will be set for the Ripple token to test the resistance level of $0.6479 in the coming days.
Conversely, if the bears overwhelm the bulls, the price will lose momentum and prepare to test the $0.5976 support level this week. Moreover, if the bears continue to gain strength, the downtrend will deepen and could soon be ready to test the important support level of $0.5778.