XRP Price Loses Momentum! Is A Correction Of 20% underway?

Coinpedia
Coinpedia

30 Nov 2023 7:23 AM

Despite the top cryptocurrencies recording new yearly highs, Ripple’s XRP token continues its struggle at its key resistance level at $0.640...

  • Ripple's XRP token is struggling to break out of its key resistance level at $0.6404.
  • The token faced repeated rejection at that range, indicating a strong liquidation point.
  • After trading in a narrow space, the price gained momentum and broke out, recording an 8% jump.
  • The XRP bulls then broke multiple resistance levels, adding 17% in value.
  • However, the price lost momentum and started trading under a bearish influence, in a descending channel pattern.
  • The price has been consolidating between $0.5962 and $0.6404 for over two weeks, indicating weak buying and selling pressure.
  • The MACD displays a neutral trend, suggesting uncertainty in future price action.
  • If the bulls push the price above $0.6177, the XRP price could test its upper resistance levels.
  • Conversely, if the bears dominate, the price could fall to test its support levels.
  • A trend reversal could lead to a significant correction in value.

The sentiment of the article is mostly neutral, with some indications of bearish influence and uncertainty in the future price action.

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You May Ask

What is the key resistance level that Ripple's XRP token is struggling to break out of?How much did the XRP price jump after breaking out of the narrow range?What pattern has the XRP price been trading in recently?What does the MACD indicate about the future price action for the XRP token?What are the possible scenarios for the XRP price in the coming days?

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