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