XRP Price Plunges To 7-Month Low, Can It Regain Momentum?

XRP price plunges to a 7-month low and is trading inside a descending channel, waiting for a bullish breakout that is supposed to happen if the price reaches the $0.215 level. Against bitcoin, Ripple started to regain momentum after finding the support at the 2580 SAT level as we are reading in the Ripple price news.

After starting the weekend at around $0.215, the XRP price plunges by 50 percent following the March 12 crash that hit the entire crypto market, while Bitcoin crashed more than 40 percent in one day.
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So far, the entire drop was around the 60 percent point. The past 24-hours of trading allowed the Ripple price to recover from the previous $0.11 level and now the XRP price reached $0.16.

The price is having a hard time pulling back during the orange area of $0.185 where a critical support level got broken a few days ago. We can start considering a positive price change if the ripple price can overcome the $0.2 level. The situation currently is that Ripple is trapped in a 7-month descending channel. From the weekly low of $0.11, Ripple reached $0.16 today and dropped slightly later, however it managed to increase right after. We can also anticipate another bullish setup for the price when it will try to break above the descending channel.

On the other hand, if the XRP price fails to increase further and remains below the $0.185 resistance, XRP will stay bearish and the closest level of support to watch is the $0.13. Against Bitcoin, Ripple saw a lot of negative price action in the previous two weeks, but the price maintained to stay above the 2580 SAT level which is marked blue on the charts. This area became controversial for the previous months. XRP later bounced back and showed a lot more strength towards the 3000 SAT psychological level but got rejected to the 2844 SAT level at the time of writing.

Looking at the charts, we can see Ripple is behaving indecisively which shows that the next actual price movement is unpredictable. Looking at the ripple price from above, the level will remain at the 3000 SAT but the bullish momentum will become much more valid and can overcome the 3075 SAT from December 2019 level.