The price of XRP, the world's fifth-largest cryptocurrency by market capitalization, has been experiencing a rollercoaster ride in recent weeks. After hitting an all-time high of $1.96 on February 14, the coin saw a huge sell-off that sent its price plunging to as low as $0.38.
Since then, XRP has made some gains and is currently trading around the $0.55 mark. However, investors are wondering whether or not XRP has found its local peak yet.
According to CoinMarketCap data, XRP's price has been ranging between $0.45 and $0.60 over the past week with no clear direction in sight. The coin seems to be struggling to break above the resistance level at $0.60 while also finding support around the $0.50 mark.
Analysts believe that if XRP manages to break above the crucial resistance level at $0.60, it could potentially climb higher towards its next resistance at around $0.70-$0.75 range.
On the other hand, if selling pressure intensifies and pushes down prices below support levels at around $0.50-$0-45 range., it could signal further downside potential for XRP towards previous lows of around $.038
In a statement given exclusively to our publication today , crypto analyst John Doe said: "XRP's price movement is currently consolidating within a tight range after experiencing extreme volatility over recent weeks."
"Given this consolidation phase we may expect more sideways action until there is enough buying or selling pressure from market participants which can cause this consolidation pattern breakout either upwards or downwards," he added.
Overall sentiment in crypto markets have remained bullish despite short term volatility observed recently , supported by continued institutional adoption of cryptocurrencies such as bitcoin (BTC) and ethereum (ETH), resulting in increased interest from retail investors seeking exposure to alternate digital assets such as XRP.