In order to make a judgment the Ripple price must
The weekly chart showed Ripple pricing below a key 700-day uptrend support level.
After unsuccessful recovery efforts, consolidation continues.
Breaking $0.468 will be a slaughter for XRP holders.
XRP holders have been wondering what would happen after almost three weeks of volatility.
Read: XRP over $0.50 as Ripple joins partnership to facilitate digital asset recovery
Ripple pricing must choose.
The price of ripple has broken an inclining trend line linking swing lows since June 2022. April 8's fall broke this important support trend line, resulting in a weekly candlestick close below the inclining trend line and $0.532.
Since then, Ripple pricing has been stabilizing between $0.532 and $0.468, with little direction.
The weekly Relative Strength Index (RSI) has fallen below 50, indicating decreasing bullish momentum and rising selling momentum. Similarly, Awesome Oscillator's mean level is 0. Both momentum indicators warn of a bearish market change.
Until the crypto market recovers, XRP is struggling. Altcoins will soar if Bitcoin (BTC) returns over $70,000. If so, Ripple price must break the $0.532 resistance level and become a support floor. This would help entice stranded purchasers and keep the remittance token rising. In a bullish scenario, XRP may retest $0.696 barrier.
However, Ripple price may retest and breach $0.468 if the crypto market outlook worsens. This would disprove the bullish premise and cause XRP investors to sell. A 11% drop to $0.428 intermediate support floor is possible for the remittance token. If necessary, XRP might return to $0.378.
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