Market correction and XRP price pullback
The cryptocurrency market has seen a strong rally over the past few days, but this has led to a sharp correction across the industry, with top coins seeing over 5% downward revisions in valuations. In particular, XRP price has fallen by more than 6.5% in the past 24 hours, making it the day’s biggest droper.
XRP price chart shows strong bearish trend
As can be seen from the price chart of XRP, its price has fluctuated between $0.530 and $0.578 in the short term, indicating weak buying and selling pressure in the market. However, as volatility increased, bulls saw a 13.50% increase in valuation before finding resistance at $0.6016.
The battle between bulls and bears
After a period of sideways trading, the bulls regained momentum and the price rose another 14.60%, but then lost momentum again, causing the price to plummet. The XRP token retraced 14.29% over the next two days, showing a strong bearish influence in the market.
Technical indicators show market pressure
Technical indicator MACD shows red histograms continuing to rise, indicating increasing selling pressure in the cryptocurrency market. The downward trend in the averages suggests that the altcoin may experience negative price action in the coming period.
The future trend of XRP price
If the market is able to sustain the price above the support at $0.6290, the bulls will regain momentum and prepare to test the resistance at $0.6930. Conversely, if the bears continue to overwhelm the bulls, the price will test its lower support at $0.6016 and it could even plummet to lower levels at $0.5780.
