Scroll

bullish

Bitcoin

<p>The post <a href="https://coinpedia.org/price-analysis/ripple-xrp-price-poised-for-100-upswing-but-theres-a-catch/" rel="noopener noreferrer nofollow">Ripple (XRP) Price Poised For 100% Upswing? But There’s A Catch!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Despite recording a positive <a href="https://coinpedia.org/news/cpi-data-drops-below-3-for-first-time-since-march-2021/" target="_blank" rel="noopener noreferrer nofollow">CPI data release</a>, the crypto market has recorded a significant drop over the past hour. Furthermore, the price of <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> has plunged below the $60,000 mark, indicating an increase in the selling pressure within the crypto space.</p>
<p>Following in the footsteps, the XRP price has recorded a similar price action by dropping approximately 1% during this time. Moreover, with the present situation, questions like “Will XRP price ever recover $1?” and “Will Ripple price bounce back this year?” are on a constant rise.</p>
<p>Scroll down as, in this article, we have uncovered the market sentiments, price analysis, and potential short-lived price targets of the Ripple (XRP) crypto token.</p>
<h2 class="wp-block-heading" id="h-xrp-price-tests-its-important-support-level">XRP Price Tests Its Important Support Level:</h2>
<p>The <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Ripple price</a> has formed a symmetric triangle pattern in the 1D time frame and has continued trading since July. Moreover, it has formed a resistance zone above the $0.630 level, highlighting a strong liquidation point at that level.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcDoQOSM2toDwp-W4wkmxAGERsG-RDGnVYp8tWntNccmz-ew1ZWMHW1AWfjTuDc8ZOIjW2yMBlBI-J9y74pasGlOCd750TgilnVpOidNHrstUCZpXlfsTeGmgPJKN8-9RQnDO0upOW5dSjr1rXebqOgPX3a?key=2w39CgqaQr9pUxbEHF_6Fg" alt="XRP Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: XRP/USDT
 </figcaption>
</figure>
<p>With a trading volume of $0.5712 and a circulating supply of 56,113,081,096 XRP tokens, it has successfully secured the position of the 7th largest cryptocurrency with a market capitalization of $32.573 Billion.</p>
<p>The Relative Strength Index (RSI) continues hovering close to its mid-point, indicating weak buying-and-selling pressure for the altcoin in the crypto space. Further, the SMA indicator displays a bullish action, suggesting a mixed sentiment for the <a href="https://markets.coinpedia.org/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP coin price</a> this week.</p>
<h2 class="wp-block-heading" id="h-is-the-price-of-xrp-going-to-go-up">Is The Price Of XRP Going To Go Up?</h2>
<p>If the market holds the Ripple price above the support level of $0.560, the bulls will prepare to test its resistance level of $0.630. Furthermore, if the altcoin continues trading under a bullish sentiment, it will head toward its upper resistance level of $0.690 in the coming time.</p>
<p>Conversely, a bearish action could result in it retesting its support level of $0.560. Moreover, if the bears continue to dominate the cryptocurrency market, this could result in the XRP coin price plunging toward its low of $0.4880.</p>

Ripple (XRP) Price Poised For 100% Upswing? But There’s A Catch!

Table of Contents

CoinPedia News

Other articles published on Aug 14, 2024

Experts back new crypto over Ripple, Ethereum for its 80x growth potential

Core Scientific Announces $400M Convertible Notes Offering

Bitfarms Expands Operations Despite Q2 Losses

Arbitrum Bridge Now Supports OKX Web3 Wallet!

BNB Chain Announces Winners of Second BNB Incubation Alliance Round

Ecuador Doubles Down on Cryptocurrency Ban Amid Worldcoin Surge

Join our free newsletter for daily crypto updates!