Despite a win for Ripple against the Securities and Exchange Commission (SEC), its native token “XRP” has failed to regain its lost momentum. This indicates uncertainty among investors for this altcoin.
Queries like “Will the XRP price go up?” and “Will Ripple Go Up In 2024?” are constantly surfacing on the internet. Dive in to find out the price action and possible short-term price targets of the Ripple (XRP) token.
XRP Price On The Verge Of A Major Breakdown?
With the ongoing market volatility, the Ripple token has recorded a correction of ~2% within the past day with a trading volume of $1.019 Billion. Moreover, it has dropped 5.79% within the past week and 12.60% during the past month.
Notably, it has been trading within a symmetric triangle pattern since July and has repeatedly failed to break out of its resistance trendline. This indicates a weak bullish influence for it in the market.
Moreover, it is on the verge of testing its important resistance/support level of $0.560, the outcome of which is uncertain.
Ripple Market Sentiments
The Moving Average Convergence Divergence (MACD) has displayed a constant rise in the red histogram. Moreover, the averages show a significant downtrend. This indicates a negative outlook for the XRP coin price in the coming time.
Further, the EMA 50-day records a negative trend with the EMA 200-day experiencing a constant flatline. This indicates a high possibility of a Death cross in the 1D time frame.
Will XRP Hit $2 In 2024?
If the market holds the price of Ripple above its support level of $0.560, the bulls will regain momentum and prepare to retest its resistance trendline of the symmetric triangle pattern. Further, if the bulls break out, it will head toward its crucial resistance level of $0.630 during September.
With a current trading price of $0.5658, the Ripple token requires a surge of 253.48%. Considering the historic performance of this altcoin and evaluating the present market condition. It is highly unlikely for the Ripple (XRP) price to achieve the $2 mark any time soon.
On the flip side, if the bears continue to dominate the crypto market, the XRP crypto will break down its support level of $0.560 and plunge toward its low of $0.4880 in the coming time.
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