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For the past three weeks, the fluctuating course of Ripple (XRP) price has left XRP holders curious about what the future may hold. Indeed, we are facing a critical decision moment. Since June 2022, the Ripple price has violated the sloping trend line. The drop on April 8th fell below this critical support line, causing the weekly candlestick to break the sloping trend line and the $0.532 weekly support level.
Ripple Price Maintains Its Intermittent Movement
Ripple’s price has recently been oscillating between $0.532 and $0.468, and no clear trend seems to be emerging. On the weekly timeframe, the Relative Strength Index (RSI) has dropped below the average level of 50, indicating that the bullish momentum is weakening and sellers are gaining strength.
Similarly, the Awesome Oscillator is also trending below the average level of 0. Both momentum indicators suggest a potential shift in the market in favor of the bears.
Recovery or Decline for XRP?
The cryptocurrency market has been following a volatile course lately, significantly straining investors‘ nerves. Particularly, XRP is swinging in great uncertainty within this volatile market environment. Bitcoin’s (BTC) recovery and its breach of the $70,000 resistance could be a beacon of hope for altcoins. However, how this beacon of hope will impact Ripple (XRP) remains a subject of curiosity.
If Bitcoin rises above $70,000 as anticipated, a recovery rally in altcoins is expected. In this scenario, Ripple’s price would need to surpass the $0.532 resistance level and turn it into a support base. This development would attract waiting investors and play a key role in pushing Ripple back into the sloping trend line. The next target for XRP, in case of a rapid rise, could be retesting the $0.696 resistance level.
However, if the crypto market outlook worsens, Ripple’s price is expected to retest the $0.468 support level and possibly break it. This situation would invalidate the bullish thesis and could increase selling pressure among XRP holders. Under this deteriorating outlook, XRP could experience an 11% drop and test the intermediate support level of $0.428. In the worst-case scenario, XRP might have to revisit the $0.378 support point.
