The post Ripple Is 7% Down! Will XRP Price Hold Its $0.56 Level Or Plunge? appeared first on Coinpedia Fintech News
With the ongoing cryptocurrency market turmoil, the price of Bitcoin has plunged below the $58,000 level. This highlights increased selling pressure for the largest crypto in the market.
Following its footsteps, top altcoins have displayed a similar price action by experiencing a significant drop in their respective portfolios over the past few days.
Dive in as, in this article, we have covered the market sentiment, price analysis, and price targets of the Ripple (XRP) crypto token for September.
XRP Price Retests Its Important Support Zone
The Ripple crypto has formed a symmetric triangle pattern in the 1D time frame and has continued to trade within it since July. with a rejection at the resistance trendline, the XRP price has recorded a sharp plunge in its value. Moreover, it is presently testing its crucial support trendline, the outcome of which is uncertain.
Moreover, it has plunged 6.66% within the past seven days and 3.56% over the past month. Notably, it has recorded a Year-to-Date (YTD) return of -9.47%. This suggests a long-term bearish sentiment for the Ripple (XRP) price.
The EMA 50/200-day shows a constant decline in the 1D time frame. This highlights a high possibility of a Death Cross for the XRP coin price in the coming time.
The Moving Average Convergence Divergence (MACD) has recorded a rising pattern in the red histogram. Further, its averages display a constant drop in the price chart. This indicates a strong bearish sentiment for the altcoin in the crypto market.
Will Ripple Price Rise Back Up?
If the bulls hold the price above the support level of $0.560, the XRP crypto will prepare to test its resistance trendline of the symmetric triangle pattern. Breaking out of the trendline could push the price toward its upper high of $0.630 in the coming time.
On the flip side, if the bears continue to dominate the crypto space. In that situation, the altcoin could plunge toward its crucial support trendline of $0.4880. If the bulls fail to regain at that point, the Ripple price will prepare to test its low of $0.360.
Also, read our Cardano (ADA) Price Prediction 2024-2030