XRP has plunged 80% from its all-time high.
Recent court ruling sparks hope for a potential recovery.
Technical indicators suggest XRP may be oversold.
XRP has faced numerous challenges since its all-time high in January 2018. At the moment, XRP is trading below 80% of its historical value and remains in a rather volatile environment. But there are still hopeful signs indicating what could be a pathway to future recovery.
New events, such as the recent court ruling, might be the trigger to help XRP break out of the long-term downward trend. As of press time, XRP is trading at $0.5743, reflecting a 2.92% decline over the past 24 hours.
In the last 24 hours, it has become evident that the price of Ripple or XRP has been on a decline. It dropped to as low as about $0.56 before slightly rising to its current position. This decline further emphasizes the current situation in the market today as XRP has remained relatively stagnant and unable to hold a price above the $0.59 mark.
Nevertheless, the key resistance level that can be traced for XRP is approximately $0. 56. This point has been key because the price has bounced from this level during the trading day. If XRP goes below $0.56, it may continue to go lower, with the next support level likely to be at $0.54. This psychological barrier and previous price action support suggest that a sustained fall below $0.56 could result in deeper slumps.
Conversely, resistance levels are equally important in determining XRP’s potential recovery. The $0.59 mark represents a recent high and a key resistance point. For a bullish reversal to occur, XRP would need to break through this level with strong momentum.
Additionally, the $0.60 level represents a significant psychological barrier that could challenge any upward movement. Should XRP surpass both of these resistance points, the next notable resistance lies at $0.62, where previous selling pressure has been observed.
XRP/USD 1-week price chart, Source: Trading view
In terms of technical indicators, the 1-week RSI reads 52.99, positioning XRP in a neutral zone regarding overbought or oversold conditions. Meanwhile, the 1-week MACD trading above the signal line hints at emerging bullish momentum, although it is not yet decisive.
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