Ripple price has bounced back above the crucial support level of $1.0000 after Tuesday’s intense selloff. In the previous session, it plunged from a high of close to four months at $1.4180 to $0.9613.
The trend was observable in other altcoins, as well as the leading cryptocurrency – Bitcoin. The latter crypto dropped below the support level of $50,000 to an intraday low of $42,810.86. In the ensuing sessions, investors will be keen on whether the altcoin will remain steadily above the psychological level of $1.0000.
Ripple Price Prediction
XRP is trading above the psychological level of 1.0000 after plunging below that support zone in the previous session. On Tuesday, the altcoin plummeted to 0.9613 for the first time since mid-August. Notably, Ripple price dropped by about 32.11% in a single session.
At the time of writing, the crypto was down by 0.96% at 1.0849. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages; a sign that its gains will remain curbed in the short term.
I expect XRP to rebound further as it strives to recoup some of the previous session’s losses. As such, it will likely remain above the crucial support level of 1.0000.
In the near term, Ripple price will likely rise to find resistance at 1.1000 or higher at 1.1504. If the bulls manage to break out of the upper resistance level, the next target will be along the 25-day EMA at 1.1963. However, a decline below 1.0000 will invalidate this thesis.