Ripple (XRP) price is struggling to gain momentum despite maintaining a bullish market structure. There seems to be a lot of supply above the $0.60 level which has turned this zone into a major resistance. This supply zone needs to be overcome by bulls, or the outlook might flip bearish.
On Monday, the XRP price was down 2.55% as the Bitcoin price showed weakness after multiple rejections from $38k. The Total 3 market cap which is a measure of the total value of the altcoin market, also fell 2.1% after rising to its fresh yearly highs last week.
While some analysts are calling for BTC to hit $40,000 before the end of 2023, some are still expecting prices as low as $20k before next year’s much-awaited halving event. This has led to a conclusion among the retail investors.
A high timeframe study and technical analysis of the XRP/USD chart suggest that there is still a chance for a major pullback if the Ripple price gains acceptance below $0.55.
This region gains its significance due to the confluence of the previous range highs with the 200-daily moving average.
