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According to CoinGecko, on April 19, the price of Ripple (XRP), one of the top 10 digital assets by market capitalization, plummeted by 10% in just an hour. This happened after the XRP price bounced off an important resistance zone.
At the time of writing, Ripple is trading at $ 0.496, down 5.2% over the past 24 hours and 1.8% over the week. Despite the disappointing results, wave analysis promises the token will soon reach the bottom and potentially reverse.
As the results of the 6-hour chart wave analysis show, it offers a bullish outlook. Promising the token a potential breakout of the $ 0.525 resistance zone and reaching the $ 0.650 level.
On technical analysis, on March 21, XRP made a bullish breakout of the descending resistance line and has been rising since then. This suggested that the previous correction of the digital asset was already over. As a result, on March 29, the XRP price hit a year’s high of $ 0.585.
As a reminder, Ripple cryptocurrency was ranked first in the list of the top 5 digital assets that analysts predicted to grow in 2023. XRP is becoming increasingly popular among users, and large financial institutions and banks are actively using the Ripple platform for cross-border payments. Meanwhile, a lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is ongoing. If the case is resolved in Ripple’s favor, XRP will experience a bullish trend, experts believe.