Ripple (XRP) registered a sharp drop on Thursday after bulls pushed the price above $0.60 on Wednesday. Strong selling pressure led to XRP dropping by 9% on Thursday, dipping below $0.60 and settling at $0.57. However, bears were unable to sustain momentum at lower levels despite pushing XRP to a low of $0.54. Strong demand at lower levels allowed the price to recover and register an increase of 0.54% to settle at $0.57 on Friday. This can be seen in the long tail on the price chart.
XRP registered an impressive increase of 3.61% on Saturday, rising to $0.59. Sunday saw XRP withstand considerable selling pressure, falling to a low of $0.57. However, buyers were once again able to overwhelm selling pressure at lower levels, resulting in an increase of 0.67%. The current week began with XRP rising to $0.60 after an increase of 1.76%. The current session sees XRP back in the red as sellers look to push it back below $0.60.
Buyers will attempt to keep XRP above $0.60 and push it above $0.64. Such a scenario could see XRP push towards $0.70 as well. However, sellers are expected to defend these levels vigorously, and we could see considerable back-and-forth between buyers and sellers. If XRP is unable to push above $0.70, it will continue to trade between $0.56 and $0.65.
