Convergence

Divergence

The post <a href="https://coinpedia.org/price-analysis/xrp-price-loses-momentum-is-a-correction-of-20-underway/" rel="noopener noreferrer nofollow">XRP Price Loses Momentum! Is A Correction Of 20% underway?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite the top cryptocurrencies recording new yearly highs, Ripple’s XRP token continues its struggle to break out of its key resistance level at $0.6404. The XRP token has faced repeated rejection at that range, highlighting a strong liquidation point at that level.
The Ripple price traded in a narrow space between $0.5374 and $0.5730 for a while, following which the price gained momentum and broke out of the range. The <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" rel="noopener noreferrer nofollow">XRP price</a> recorded a jump of approximately 8%, after which it faced rejection at $0.6177.
The Ripple token then traded sideways for almost a week, following which the XRP bulls regained momentum and broke multiple resistance levels by adding 17% in value.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/HKGNHVM2QHAWEgHF9AwXUc7vmsAgP49IVuNtKT6ENTvg0netRqS1gDOON1ZjBe8EJQrjsC8b6TpDZ_mQqpVcFmmYsQ6mkBZTzrIbzP3EcAYmJKO1cogz8F985TMBx0YNfaSmeh_qetxp3af1d7vfoB0" alt="Ripple XRP Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: XRP/USDT
 </figcaption>
</figure>
After reaching a top of $0.7187, the price lost momentum and started trading under a bearish influence with a constant price drop. The price was seen trading in a descending channel pattern for a while.
Further, the price has been trading in a consolidated range between $0.5962 and $0.6404 for over two weeks, indicating a weak buying and selling pressure for the coin.&nbsp;
The Moving Average Convergence Divergence (MACD) displays a neutral trend, indicating uncertainty in the future price action for the coin. Further, the averages show a bearish convergence, suggesting the price will undergo correction soon.
<h2 class="wp-block-heading" id="h-will-the-xrp-price-hit-0-74-soon">Will The XRP Price Hit $0.74 Soon?</h2>
If the bulls push the price above the resistance level of $0.6177, the XRP price will regain momentum and prepare to test its upper resistance level of $0.640.
Maintaining the price at that level will set the stage for the Ripple token to test its upper limit of $0.6646 in the coming week.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.5962. If the bears continue to dominate the market, it will further drop and test its lower support level of $0.5730.
Moreover, if a trend reversal occurs, the XRP price will experience a significant correction in value and prepare to test its crucial support at $0.5374 in the days ahead.

XRP Price Loses Momentum! Is A Correction Of 20% underway?

Table of Contents

CoinPedia News

Other articles published on Nov 30, 2023

Bitget Unveils Instant Lira-to-Crypto Conversions, Streamlining Turkish Market

Just In: Billionaire Michael Saylor Purchases a Further $593 Million in Bitcoin – Total Holdings ...

SEC Calls for Comments on Fidelity’s Spot Ether ETF Application

Blockchain Security Firm Reports Suspicious Transactions Worth $12.5 Million by Crypto Exchange

Argentina Makes Complete U-Turn, Declines BRICS Invitation

Bitcoin May Not Have Reached Its Pre-Halving Peak Yet: What’s the Target in Dollars?

Join our free newsletter for daily crypto updates!