XRP price extends the previous week’s decline and depicts a resurgence of bearish momentum as it slides below the critical area of support. The downside comes as the price slides below the critical moving averages, and is currently resting near a key area where buying could emerge if the buyers are able to hold the level.
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- XRP fell as the fresh trading week begins indicating selling pressure.
- Investors can expect XRP to see further retracement toward $0.65 as downside pressure begins to surge.
- Multiple-support near $0.70 looks vulnerable to break.
XRP price trades with a negative bias
XRP price remained in a short-term consolidation since February 9 and formed a “Double Top” formation around $0.91. As a result, the XRP price retraced nearly 45%, breaching the consolidation range.
Now, the price holds near the inflection point if breaks below more selling could be experienced in the asset.
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Earlier, the XRP price found reliable support around $0.60 and witnessed an impressive rally of 51% to the swing highs of $0.91.
Sustained selling pressure will drag the price toward the lows last seen in late January at $0.60.
On the flip side, a daily candlestick above $0.75 would invalidate the bearish outlook on the price. In that case, the immediate upside is found near the 50-day EMA (Exponential Moving Average) at $0.80. In addition to that, an acceptance above the 200-day EMA would recapture the March 28 highs of $0.91.
As of publication time, XRP/USD is exchanging hands at $0.71, down 5.61% for the day. The sixth-largest cryptocurrency by the market cap is holding a 24-hour trading volume of $1,904,425,826 as per the CoinMarketCap.
Technical indicators:
MACD: The Moving Average Convergence Divergence drops below the midline with an increased downside momentum.
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RSI: The daily Relative Strength Index approaches the overbought zone.
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