The crypto market has experienced a short pullback over the past 24 hours. This has resulted in the Bitcoin price and Ethereum dropping toward their important support levels. Following in the footsteps, the Ripple coin lost over 5% in its valuation within hours.
With this, investors are actively looking for answers to questions like “Why is crypto market down today?” and “Will XRP rise again?” In this article, we will understand the market sentiments and potential XRP price prediction for this week.
Ripple’s XRP Price Forms Ascending Channel Pattern
The XRP crypto price has crashed by 5.11% today with a trading volume of $4.23 billion, a change of -24.31%. Moreover, with a trading value of $2.4313 and a circulating supply of 58.55 billion XRP tokens, it has a market capitalization of $142.35 billion.
The Simple Moving Average (SMA) is on the verge of experiencing a bearish crossover in the daily time frame. This highlights an increase in the buying-and-selling pressure for the 2nd largest altcoin in the crypto space.
Adding to this, the MACD indicator records a constant decline in the green histogram in the 1D time frame. Moreover, the 12 & 26-day average witnessed a decreasing trend, suggesting a negative outlook for the price of Ripple token in the upcoming time.
Will XRP’s Value Rise Back Up?
If the bulls regain momentum, this could result in the XRP coin price retesting its immediate resistance level of $2.50. Maintaining the price above that level could set the stage for it to break its resistance trendline of the channel pattern and head toward its $3 mark in the coming time.
On the other hand, if bears gain dominance in the crypto market, this could result in it dropign toward its support trendline of the channel pattern. If the bulls fail to regain momentum at that point, this may pull the price toward its crucial support zone of $2.
Also Read: Binance Data Signals XRP Price Bullish Breakout: CryptoQuant
