Ripple’s XRP price continues to display a neutral trend by adding approximately 2% within the past 24 hours, but the YTD of this altcoin stands at (-1.96%), indicating weak buying and selling pressure in the market.
Investors are now concerned about the future prospects of their investments in this altcoin as the vision of the XRP token achieving the $1 mark now seems to fade away. Will XRP price Hit $1 in 2024?
Ripple Token Breaks Out Of Its Important Resistance!
After displaying a neutral trend for a while, the XRP price recorded a massive bullish reversal in the chart by adding 20.44% within hours. After facing rejection at the resistance level of $0.7310, the bulls lost momentum and started trading under a bearish influence.
The XRP token recorded a correction of 20.65% in valuation, resulting in it testing its low of $0.580. However, the bulls held the price above the support level. This resulted in the altcoin breaking out of the resistance level, where the price traded in a consolidated range for a brief period.
As the volatility in the market increased, the bulls lost momentum, and the price broke down the support level. After recording a correction of 10.26% in the chart, the Ripple price stabilized, and the token traded sideways for a while.
Recently, the bulls regained momentum and successfully broke out of their important resistance, indicating an increase in the bullish sentiment in the cryptocurrency industry.
The technical indicator, MACD, displays a constant green histogram in the chart, highlighting increased bullish sentiment in the crypto industry for the altcoin. Moreover, the averages show a significant rise, suggesting the price will continue gaining value in the coming time.
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Will XRP Price Increase?
If the market holds the price above the support level of $0.60, the bulls will test its resistance level of $0.63 this week. Maintaining the price at that level will set the stage for Ripple’s XRP token to attempt to test its upper resistance level of $0.69 during the upcoming weeks.
Conversely, if a trend reversal occurs, the Ripple token will lose momentum and fall to test its support level of $0.60. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.58 this month.
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