Ripple (XRP) Price Remains Pressured Below $0.65, Downside Risk Intact

Rekha chauhan
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Ripple XRP

Ripple’s (XRP) price is experiencing a bearish rift after opening higher in today’s session. The supply-side pressure is being reflected by the Relative Strength Index (RSI),which is experiencing a downside momentum after a brief bullish cross-over.

  • Ripple price is under selling pressure on Wednesday.
  • Expect further downside below $0.60 on a daily basis close.
  • RSI trades in oversold zone warns of aggressive bets.

At the press time, XRP/USD is trading at $0.60, down 3% for the day. The 24-hour trading volume stands at $1,106,318,883 as per the CoinMarketCap data.

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XRP in a short-term consolidation

On the 4 hour chart, the Ripple (XRP) price has retreated almost 19% from the highs of $0.76 made on January 20. This has coincided with the breach of the 50-DMA at $0.76. The formation of a ‘Spinning’ top’, which is a bearish reversal pattern coupled combined with a 50 DMA breakout intensified the selling pressure in the altcoin.

Source: Trading view

XRP find support near the double support formation at $0.57 on January 24. The price has been consolidating in a short-term range of $0.57 and $0.65.  However, the bulls tested the high level just once.

Furthermore, the price still hovering below the mentioned moving average indicating the continuing selling pressure. Still higher high and higher low formation is visible in the consolidation phase.

A decisive close above the $0.65 mark will see the next upside target at the horizontal resistance level of $0.71.

On the other hand, the Daily Relative Strength Index (RSI) holds at 44 with a bearish crossover. Any downtick in the indicator could invalidate the bullish thesis.

 

 

 

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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.
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