Ripple (XRP) Price Fading Away, But a Drop Below $0.7 May Ignite a Strong Rebound Above $0.8
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With the weekend trade round the corner, the XRP price inculcated a strong bearish trend as the future market indicated a bloodbath. The traders are just closing their positions compelling to price to slice through the lower support, which may open the doors for new bullish trades to plugin. With more strength being induced into the dollar, the XRP price may face another acute descending trend further.
After a bearish start of the month, the XRP price tried to secure a significant uptrend but eventually, the bears played their moves strongly. It has to be noted that the asset had flipped from these levels a couple of times before, but this time a little diverse trend may be established. Similar to the previous action, the XRP price may slide down below $0.7 to ignite a strong rebound. However, the current rebound may not be restricted below $0.78 but may clear the $0.8 levels soon.
Also Read: Ripple Vs SEC Lawsuit May Extend Till March 2023 If This Happens !
The price shed the maximum of its gains since the beginning of April’s trade while a minor buying volume was also quashed by the fresh plunge. The RSI is ranging towards the south which signifies the price action to drain below the significant levels. Currently, the XRP price rally has lost all its strength, being less volatile. Therefore the price action may hit $0.68 during the weekend.
However, even if the price ignites a rebound, it needs to test and clear $0.75 levels to validate an uptrend. Here the price may get some ‘buy’ demand which may induce a significant bullish momentum. Further, the bulls may try to uplift the price beyond $0.8 but may not ignite a bull run. As the bulls may prefer to remain passive due to the ongoing Ripple vs SEC case. And hence the positive proceedings and the updates may eventually pile up a significant bullish trend.
Also Read: Did MicroStratergy Fuel the Bitcoin(BTC) Price Plunge Below $40,000? Know What Experts Say!
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