Ripple Price Analysis: Approaches Five-month Low; No Ray Of Light for XRP?

Rekha chauhan
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XRP price started the session on a higher note but failed to retain the gains. The upside momentum vanished quickly with a sharp reversal in the price. The immediate upside hurdle near $0.65 acted as a strong resistance barrier for the XRP buyers. Today is the single largest fall in XRP price in the past one week or more. A big red candlestick indicates no immediate bounce-back could be expected.

  • XRP price trades lower with significant losses on Thursday.
  • Selling momentum extends the downside momentum erasing all the previous gains.
  • A daily candlestick below $0.55 would trigger a fresh round of selling in the asset.
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XRP price remains vulnerable

Source: Trading view

On the daily chart, the XRP price has a roller coaster ride in today’s session. In April the token depreciated by almost 35%. The downward momentum pushed the price near to the multi-month lows as the selling momentum still continued in May. In addition to that, the price is exposed to further downside risk as the 50-day SMA is still making the recovery a challenge for the asset. The major support area belongs to $0.55, rupture below may lead to an additional drop in price.

Now, a steep fall in XRP price is awaited as the higher volume along with big red candlestick ensures a break of long-standing support of $0.55 with an eye on $0.40.

On the opposite side, a rebound in the investor’s bullish sentiment could push the price higher. But the price must face $0.65 to retest the 50-day EMA (Exponential Moving Average) at $0.71.

The daily Relative Strength Index (RSI) fell below 40 sharply, indicating the activeness of bear’s in XRP. A heavy volume from a higher zone could drop the asset further lower.

As of publication time, XRP/USD is trading at $0.58 down 9.85% for the day.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.