XRP price continues to trade in the lower trajectory excluding the previous day’s move. Investors are advised to wait for further confirmation before placing aggressive bids. If the price manages to flip resistance into support an impressive row of gains could be observed by the sidelined buyers.
- XRP price edges lower bucking the previous session’s upside move on Saturday.
- A weekly close below $0.33 would be a warning sign for XRP buyers.
- XRP traded in a range of $0.38 and $0.46 in the past 24-hours with negative bias.
XRP price trades near an inflection point
The recent price action pushed XRP’s market cap down to 1.59% of the total cryptocurrency market cap. XRP has depreciated 87.66% from its all-time high of $3.29 made on January 4, 2018.
On the weekly chart, the XRP price traded in a descending triangle pattern since April 21. The buyers tested the descending trend line thrice indicating the presence of the upside pressure. To add to the depreciating currency XRP dropped below the critical 200-day EMA (Exponential Moving Average) at $0.61 as the May series began. In addition to that, a break of the baseline of the triangle pattern pushed the price to test the lows last seen in February 2021.
Lack of any positive signal combined with renewed selling pressure would drag XRP towards January 2021 lows at $0.24.
On the contrary, a shift in the bullish sentiment could challenge the prevailing downside trend. If the buyers manage to take out the psychological $0.50 then more upside could be possible.
Trending Stories
The RSI is trading at 32, which stipulates the bearish outlook on the asset.
As of press time, XRP/USD is trading at $0.40 down 4.90% for the day. The cryptocurrency is holding a 24-hour trading volume of $2,136,668,478.
- Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop
- What Is Terra LUNA 2.0, Here’s All You Need To Know
- Whales Accumulating These DeFi Tokens Amid Price Crash
- This Analyst Predicts A Bitcoin Bottom Before Bullish Momentum
- Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details
- Tron’s TRX Burn Total Exceeds 7.7 Billion
- Tron Stablecoin Reaches Key Milestone Amid Bearish Trends
- Binance Italy Gets Govt Nod, Global Expansion Goes On
- Just In: Russia Inches Closer To Crypto Adoption With Latest Move
- Ethereum Classic (ETC) Soars 9% As ETH Crashes, Here’s Why
- CRV Price Analysis: Dual Trendline Limits The CRV Bull Run
- DOT Price Analysis: Uncertainty Over DOT Price May End With Trendline Breakout
- ERON Price Analysis: Emerging Bullish Pattern Foretells 65% Rise In ERON
- AAVE Price Analysis : $95 Breakdown Rease 25% Fall In AAVE Price
- Sandbox Price Analysis: High Volume Breakout Aims SAND To Hit $2.6
- MATIC Price Analysis: Bullish Influence Grows on Consolidation
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
