Can Ripple Regain Momentum After Plunging To 7-Month Low?

Ripple’s XRP token was among the biggest losers in the cryptonews this week, opening the weekly candle at around $0.215 and falling by more than 60% on the overall week, visiting $0.11 as its weekly and yearly low. But can Ripple regain momentum right now and pull back above $0.15?

As it stands, the cryptocurrency is still trading in the $0.15 region which is good considering its low at $0.11. The last 24 hours of trading allowed XRP to recover from $0.11 which was the low in the past two days. The Ripple price is now struggling to pull back at the market orange area of $0.185 – a support level that is critical and got broken two days ago. We can certainly start considering a positive price change in the upcoming Ripple news if XRP overcomes the $0.20 level. But what until then?

The truth is that just like other coins and the dominant Bitcoin (BTC), the Ripple XRP price is still weak and without decent momentum. So, if you are wondering and asking yourself “can Ripple regain its strength” the answer is still hidden.

If XRP pushes further above to $0.185 resistance and manages to reclaim the $0.21 level (which was its weekly opening price), we can anticipate a bullish setup for XRP to break above the descending channel. On the other hand, if XRP fails and remains below $0.18 for a couple of days, the cryptocurrency is likely to stay bearish. In the meantime, the closest level of support to watch out for is $0.13 (the closing price during the Black Thursday this week) and $0.11  which was the low from two days ago.

Against BTC, Ripple saw a lot of negative price action over the past weeks but its price had maintained to stay above the 2580 SAT level, which is marked blue on the daily chart. This area has become controversial support for the past few months.

After retracing back to the channel and around the mentioned support, XRP bounced back and showed strength towards the 3000 SAT resistance but quickly got rejected to the 2844 SAT level at the time of writing. Can Ripple regain this strength – and can it go above 3000?

Looking at the daily chart, we can see that the XRP token is quite indecisive which shows that the next actual price movement is unknown yet.