Ripple (XRP) Price To Hit $0.56 As Market Crash Bottoms Out?

Ripple Price Analysis

The cryptocurrency market has displayed a bullish price action for the second straight day, indicating an increase in the buying-over-selling pressure. Further, the market leader, Bitcoin price has jumped over 3% with a 24-hour high of $59,416.96.

Following this, Ripple’s XRP price has displayed a similar price trend by adding 8.64% to its portfolio over the past 3 days. This resulted in the price holding its value above its crucial support of $0.420

With the rising price fluctuations in the crypto space, will Ripple crypto head toward its important resistance level of $0.560 this July or display a consolidated price action?

XRP Price Successfully Retests Its Crucial Support Level:

After trading under a bearish sentiment and recording a correction of 8.42% within the past seven days and 11.48% over the past 30 days, the Ripple price has added approximately 2% to its portfolio within the past 24 hours with a trading volume of $1.013 Billion, a change of -23.40%.

TradingView: XRP/USDT

With a trading price of $0.4384, a circulating supply of 55,723,063,839 XRP, and a maximum supply of 100 Billion XRP tokens, this altcoin continues to hold its position of the 7th largest cryptocurrency with a market capitalization of $24.481 Billion.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating an increase in the buying pressure within the crypto space. Moreover, the averages record a potential positive crossover, suggesting the XRP price will continue gaining value this week.

On the other hand, the RSI indicator has successfully retested its oversold range, resulting in its average recording a bullish convergence. This highlights increased bullish sentiment for the Ripple token.

Will The Price Of XRP Go Up Or Down?

If the market continues to trade under a bullish sentiment, the Ripple price will test its resistance level of $0.4880. Maintaining the price at that level will set the stage for the XRP coin price to head toward its upper resistance level of $0.560 this month.

Conversely, if the bears regain momentum, the Ripple crypto will retest its crucial support level of $0.420. Further, if the bulls fail to regain momentum at that level, it will plunge toward its low of $0.360.

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