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XRP Price Maintains Bearish Momentum Amid Sluggish Market

Published 24/06/2024, 04:15 am
XRP Price Maintains Bearish Momentum Amid Sluggish Market

The News Crypto -

  • XRP’s price is developing a sideways triangle pattern according to the analysis.
  • If the price goes below $0.48, then it will likely decline further to test $0.47 support level.

A major milestone has been reached by the XRP Ledger, even though all eyes are on the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).

With the recent achievement of over 10 million XRP tokens locked in its AMM pools, the network has reached a significant milestone. However, this figure has dropped somewhat over the last few hours and is now hovering around 8.9 million XRP locked across over 600 AMM pools.

Bearish Momentum Continues

A pessimistic crypto market has targeted the price of Ripple’s native token, XRP. As the rest of the market falls, XRP is now trading below the critical $0.50 level.

XRP’s price is developing a sideways triangle pattern, according to the analysis of the XRP daily chart, with major resistance at $0.55 and substantial support at $0.47. Conclusively serving as a supply level and maintaining its role as strong resistance, the upper border of the range coincides with the 100-day and 200-day moving averages.

However, a rising flag pattern is usually indicative of the price continuing its prior slump. The rising flag pattern’s bottom limit and the essential support level of $0.47 will form a crucial junction as the XRP price nears it.

At the time of writing, XRP is trading at $0.48, down 1.08% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 22.62%. If the price manages to defy the trend to go above $0.49 level, then it will likely climb towards $0.50 resistance level. However, if the price goes below $0.48 level, then it will likely decline further to test $0.47 support level.

This content was originally published on The News Crypto

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