The XRP price today has recorded a drop of 3.12% with a trading volume of $2.950 billion. This has resulted in the altcoin breaking down its important support zone of $2.40. Marketers considered the conclusion of the XRP vs SEC lawsuit to be the gateway for a new all-time high (ATH). However, the Ripple token has failed to deliver, resulting in a price correction.
On the other hand, the technical sentiments hint at a constant rise in the bearish action, indicating a further correction this week. Following this, the internet has witnessed a significant surge in various questions including Why is XRP dropping? Are you one of many who are micro-monitoring the possible Ripple price analysis for next week?
Ripple’s XRP Token Record Increased Price Volatility!
The XRP crypto price has formed a symmetric triangle pattern in the 4H time frame and has been spotted trading within this trend pattern for about two weeks. This trend pattern ideally refers to a bearish price trend, suggesting a sustained price correction before attempting a major price breakout.
The Moving Average Convergence Divergence (MACD) indicator shows a constant rise in the red histogram in the XRP price chart. Further, the EMA 14 & 26-day witness a similar trend in the 4H time frame. This suggests a sustained bearish price action this week.
The cross EMA 50-day has recorded a bearish crossover in the Ripple price chart. However, the 200-day EMA acts as a critical support to the price trend in the same chart. This highlights rising uncertainty for the 03rd largest cryptocurrency.
How High Can XRP Price Reach?
As per the latest Ripple price analysis, this altcoin could hit its resistance level of $2.48 if it successfully retests its support trend level of the triangle pattern. Maintaining the price above that level could set the stage for XRP coin price heading toward its upper price target of $2.70 this week.
Negatively, if the bearish action intensifies, this altcoin could break down its triangle pattern and drop toad its low of $2.23. Moreover, if the bulls fail to regain power at that point, this could result in it plunging toward its crucial low of $2 in the upcoming time.
Also Read: BlackRock and Fidelity Will Join the XRP ETF Race: Nate Geraci
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