Friday, April 19, 2024

XRP Gains More than 8% in Past Week, Price Shows Strength.

Ripple’s native token XRP is up nearly 3% in the last 24 hours and trading at $0.3737. The altcoin has gained 8.62% in the past week. But it’s not a cakewalk as it faces a challenging barrier that could prompt a price correction for XRP.

Analysts believe Ripple enthusiasts need to be cautious as whales are booking profits. This could add a tailwind to the bearish outlook. Moreover, XRP price has been subdued under the declining trendline for two months now. Attempts to breach this trendline have failed. However, the slow ascent over the last five days has overcome the blockade as XRP price rose by 12%. This was a bullish development, and now it faces resistance at the $0.374 level. This level has been a critical support and resistance since May 2022.

As such, investors need to be ready for a price slip. If the decline does happen, there could be consolidation above the $0.333 support level. But a further slip could send XRP to $0.288.

All for the test.

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