Despite the increasing bearish sentiment in the cryptocurrency market, the Ripple price has shown positive price action, recording a continuous uptrend on its price chart. Notably, it has successfully maintained its value above the $0.560 support level, highlighting the increasing bullish action.
Let's get started with the discussion as in this article we have looked at the market sentiment, price action, and short-term price targets of the Ripple cryptocurrency token.
Ripple Price Shows Consolidated Price Action
With increasing volatility in the cryptocurrency market, XRP price has seen a jump of around 3% in the last 24 hours with a trading volume of $1.005 billion, a change of 121.60%. Moreover, this altcoin has gained 2.27% in the last week and 6.78% in the last 30 days.
Moreover, the altcoin has formed a triangle in the 1D timeframe and has been trading within it since early July. Moreover, it has formed a strong resistance zone above the $0.63 level. This indicates strong selling pressure on the altcoin at this level.
XRP Crypto Market Sentiment
The RSI indicator has shown a sharp rise in the XRP price chart after registering a neutral trend for a short period. Also, the average trend line shows similar price action, which suggests a bullish outlook in the near future.
Furthermore, MACD is registering a continuous decline in the red histogram, and its average values are showing a high probability of a positive crossover in the 1D time frame. This indicates that The price of pulsation will continue to rise in price this week.
Will Ripple Price Rise?
If the market continues to trade in a bullish mood, the XRP coin price will be preparing to test the important resistance level of $0.63. Maintaining the price at this level will pave the way for this altcoin to head towards its upper high of $0.69 in the near future.
Conversely, if the bears defeat the bulls, the Ripple token will retest its $0.560 support level. Moreover, if the bears continue to dominate the crypto space, the altcoin will fall to its lower support line of the triangle trend.