Amid rising uncertainty, the crypto market has recorded a correction of 2.35% over the past day. With this, the valuation dropped to $2.05 Trillion from $2.11 Trillion yesterday. Following this, Bitcoin price broke down its support of $60k and recorded a low of $58,144.
On the other hand, Ripple’s “XRP” price recorded a strong reversal after displaying a sign of a bullish rally following Grayscale’s XRP trust announcement. With this, investors are concerned about the short-term prospects of XRP Price.
Ripple Price Records Strong Rejection
After facing rejection at its resistance trendline, the XRP coin price has dropped ~3% within the past day with a trading volume of $1.035 billion. With a trading price of $0.5706, this altcoin has recorded a 24-hour High/Low of $0.5895 and $0.5607.
Despite recording a jump of 7.16% over the past week and 1.76% during the past month, the 7th largest cryptocurrency has experienced a YTD return of -7.30%. This indicates a long-term bearish sentiment for the Ripple token in the market.
The Relative Strength Index (RSI) has experienced a sharp drop toward the mid-point in the 1D time frame. This indicates an increase in the selling pressure within the crypto space.
On the other hand, the SMA indicator continues to support the XRP price chart. This highlights a mixed price sentiment for the altcoin in the crypto market.
Is XRP Price On The Verge Of A Breakdown?
If the market regains momentum, the Ripple price will retest the resistance trendline of its triangle pattern. Maintaining the price above that level could set the stage for this altcoin to prepare to head toward its upper resistance level of $0.630.
However, if the bears continue to gain momentum, the price will test its low of $0.560. Further, if the bearish sentiment intensifies, this could result in it heading toward its lower support level of $0.480 during the upcoming weeks.
For long-term price forecast, read our XRP Price Prediction
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