Despite recording a positive CPI data release, the crypto market has recorded a significant drop over the past hour. Furthermore, the price of Bitcoin has plunged below the $60,000 mark, indicating an increase in the selling pressure within the crypto space.

Following in the footsteps, the XRP price has recorded a similar price action by dropping approximately 1% during this time. Moreover, with the present situation, questions like “Will XRP price ever recover $1?” and “Will Ripple price bounce back this year?” are on a constant rise.

Scroll down as, in this article, we have uncovered the market sentiments, price analysis, and potential short-lived price targets of the Ripple (XRP) crypto token.

XRP Price Tests Its Important Support Level:

The Ripple price has formed a symmetric triangle pattern in the 1D time frame and has continued trading since July. Moreover, it has formed a resistance zone above the $0.630 level, highlighting a strong liquidation point at that level.

With a trading volume of $0.5712 and a circulating supply of 56,113,081,096 XRP tokens, it has successfully secured the position of the 7th largest cryptocurrency with a market capitalization of $32.573 Billion.

The Relative Strength Index (RSI) continues hovering close to its mid-point, indicating weak buying-and-selling pressure for the altcoin in the crypto space. Further, the SMA indicator displays a bullish action, suggesting a mixed sentiment for the XRP coin price this week.

Is The Price Of XRP Going To Go Up?

If the market holds the Ripple price above the support level of $0.560, the bulls will prepare to test its resistance level of $0.630. Furthermore, if the altcoin continues trading under a bullish sentiment, it will head toward its upper resistance level of $0.690 in the coming time.

Conversely, a bearish action could result in it retesting its support level of $0.560. Moreover, if the bears continue to dominate the cryptocurrency market, this could result in the XRP coin price plunging toward its low of $0.4880.

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