The cryptocurrency market started the 3rd week of October on a positive note by recording a positive inflow for the 3rd consecutive day. Following this, top tokens have regained a significant uptrend in their respective valuations.
On the other hand, the XRP coin price is on the verge of breaking out of its important resistance zone around the $0.560 mark. Will Ripple price record a bullish reversal and conclude Uptober on a bullish note or will this altcoin consolidate?
XRP Price On The Path Of Experiencing A Breakout Rally?
Despite recording a change of less than 1% in the past 24 hours, the Ripple price has jumped 2.89% over the past week. Moreover, with a trading price of $0.53 and a trading volume of $1.198 billion, it has a market capitalization of $30.609 billion.
The EMA 50/200-day has recorded a significant downtrend over the past few days. Moreover, the technical indicator is acting as a resistance to the price chart and is on the verge of recording a Death Cross. This suggests a weak buying pressure for the altcoin in the market.
The Relative Strength Index (RSI) has failed to breach the neutral point in the 1D time frame. This has resulted in it recording a sharp drop in its value. Further, it shows a high possibility of a bearish crossover. This indicates a negative outlook in the coming time.
Does Ripple Have A Future?
If the XRP price breaks out of the resistance zone of $0.560. This could result in it heading toward its upper high of $0.630 during the upcoming weeks.
On the flip side, a rejection could pull the price toward its important support trendline of $0.4880 this month.
Wondering about the price sentiments of this crypto token? Read our Ripple (XRP) Price Prediction to uncover all your doubts!
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