Ripple price is holding steady above the crucial $1.0000 despite the downtrend that has defined the crypto market in the current week. According to CoinGecko, the altcoin is currently ranked 7th. It has a market cap dominance of 1.90%. It will likely remain under pressure over the weekend while maintaining its position above the aforementioned support zone.
Ripple price outlook
XRP has remained above the psychological level of 1.0000 despite the recent downtrend. After hitting a six-month high of 1.3487 in mid-last week, the altcoin has since dropped by about 22.97%. in Thursday’s session alone, it fell from a high of 1.1617 to a low of 1.0160.
At the time of writing, Ripple price was up by 0.20% at 1.0425. On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, the crypto may remain under pressure in the near term.
I expect the crypto to trade within a rather tight range of between Thursday’s low of 1,0160 and along the 25-day EMA at 1.0883. Past the horizontal channel’s upper border, Ripple price will be in good shape to rebound further above the prior support level of 1.1000.
If that happens, the resistance level to watch will be along the 50-day EMA at 1.1202. On the flip side, a move below the channel’s lower border will have the bulls defending the crucial support zone of 1.0000.