Most of the cryptocurrencies had a fair uptrend in the past trading day as the boost with the Bitcoin & Ethereum price reflected on the other altcoins as well. The market movements had a major impact on the XRP price, more than that of the Ripple & SEC’s lawsuit. Despite the uptrend, the price still failed to break the descending channel to rise high.
The death cross was believed to drag the price to new lows, yet no major impact was recorded as the bears were much in control since the start of the month. The price is trending within a descending channel. And multiple attempts to break the upper channel failed each time including the most recent one.
The previous trading day witnessed an increasing amount of buying pressure which eased the selling to some extent. As the price was about to hit $0.6, some extracted their profit that led the price to reside on its previous levels. Interestingly, the price yet again bounced off from the strong support levels. And hence pointing out clearly towards the building bullish momentum.
The XRP price which stands at $0.5749 is required to hit the strong resistance levels around $0.5969 without plunging back. And hence a fair chance to range towards $1 after successfully achieving $0.72 and $0.9 levels. With the positive market sentiments, the Ripple price could also get a decent boost with advancements from the SEC lawsuit.