XRP Price Volatility To New Highs! Can Ripple Price Still Breach $1 This Year?
The crypto space has experienced a significant correction in its value of over 2%, resulting in major cryptocurrencies witnessing notable drops in their respective values. Ripple’s XRP price has dropped over 5% within the past day, with a total loss of 7% during the last week.
Following the rumored news of XRP ETF registration by iShares and Blackrock, XRP coin experienced a significant jump of 5% in its price, but the rally was short-lived as the news was then confirmed fake. Following this, the coin lost momentum, and the price dipped.
November started positively as the price recorded a gain of over 20%, breaking out of its key resistance level at $0.6177. After this, the price continued to gain momentum and broke out of its resistance level at $0.6646, but the price was rejected at $0.7187.
After the rejection, the price experienced correction and broke down the support level at $0.6646, following which the price hovered around the support/resistance level. After the recent price action, the XRP coin lost momentum and is presently on the verge of testing its support level of $0.6177, of which the outcome is unpredictable.
On the other hand, the XRP coin price has been recording new lower highs frequently, suggesting the possibility of a significant price drop in the coming time, which could result in this altcoin testing its lower circuit of $0.50.
The Moving Averages Convergence Divergence (MACD) displays a constant red histogram for almost a week, indicating a strong bearish influence in the market for the coin. Further, the averages show a steady decline in the chart, suggesting the price will continue experiencing a correction in value.
Will XRP Price Rise Again?
If the XRP bulls hold the price above the support level of $0.6177, the price will regain momentum and make a run to test its resistance level of $0.6646 soon. Further, if the market maintains the price at that level, it will set the stage for the price to attempt to test its upper resistance level of $0.7187 in the coming days.
Conversely, if the bears overpowered the bulls and the price fails to hold its price above $0.6177, the price will lose momentum and fall to test its lower support level of $0.5644.
Moreover, if the bears continue to dominate the market, the price will further plunge, resulting in the coin testing its crucial support level of $0.5009 in the coming weeks.