The crypto space experienced a small sigh of relief for just a couple of days and yet seems to have fallen into the bearish well again. No sooner than Bitcoin price loosen its grip over the uptrend, the bears quickly jumped into action. And hence, many altcoins including XRP price are flowing through a notable downtrend.
The XRP price amid the recent sell-offs had barged through the uptrend line and dumped hard below $1. With a small flip, the asset regained its position back above $1 but woefully it appeared to be short-lived. As the price yet again crumbled down below $1 yet again. The price is facing a notable dump as the technicals also showcase a bearish trend.
XRP price despite a downtrend still sustains above one of the strong support levels around $0.89. And hence keeping the hope of a notable flip towards the upper resistance levels alive. Woefully, the volume has dipped drastically by more than 7% which is a small matter of concern right now. However, the bull may enter the ring to accumulate the asset at discounted prices and in turn uplift the price above $1 very soon.
Collectively, XRP price manifested a fake-out as reported by Coinpedia earlier. And hence considering the current trend and technicals, the asset could reverse the trend shortly. The price may not only attain the resistance levels at $1.1 but go beyond and hit the strong resistance levels at $1.3 soon.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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