Amid the current uncertain market conditions, the cryptocurrency market has experienced a slight correction of 2.35% in the past 24 hours. This has led to a decrease in valuation from $2.11 trillion to $2.05 trillion. Notably, Bitcoin has broken down its support level of $60k and dropped to a low of $58,144.
Meanwhile, Ripple’s XRP price has shown a significant reversal after news of Grayscale’s XRP trust announcement. Investors are now closely monitoring the short-term prospects of XRP price amidst this market volatility.
Ripple Price Records Strong Rejection
Following a rejection at its resistance trendline, the XRP coin price has decreased by approximately 3% within the past day with a trading volume of $1.035 billion. Currently trading at $0.5706, XRP has seen a 24-hour High/Low of $0.5895 and $0.5607.
Despite a recent 7.16% increase over the past week and a 1.76% rise in the last month, the 7th largest cryptocurrency has recorded a Year-To-Date (YTD) return of -7.30%. This suggests a prevailing bearish sentiment for XRP in the market.
The Relative Strength Index (RSI) has shown a sharp decline towards the midpoint in the 1-day timeframe, indicating an increase in selling pressure within the crypto space. On the other hand, the Simple Moving Average (SMA) indicator continues to provide support for the XRP price chart, signaling a mixed price sentiment for the altcoin.
Is XRP Price On The Verge Of A Breakdown?
In the event that the market gains momentum, Ripple’s price may retest the resistance trendline of its triangle pattern. Sustaining the price above this level could potentially pave the way for XRP to move towards its upper resistance level of $0.630.
Conversely, if bearish momentum persists, the price could test its recent low of $0.560. Further downside could see XRP heading towards its lower support level of $0.480 in the coming weeks.
For a more in-depth analysis and long-term price forecast, readers are encouraged to explore our XRP Price Prediction.