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Ripple’s (XRP) price trades lower for the second straight session. XRP price action is hurting investors and continues to drift lower. As of press time, XRP/USD is trading at $0.79%, down for more than 1% for the day.
- XRP price trades lower on the first day of the new trading week.
- Expect more downside if slice below the 0.70 critical level.
- XRP is expected to shed another 25% in the coming few sessions.
XRP could drop below 50-day SMA
On the daily chart, Ripple’s (XRP) price has been trading in the long-term downside momentum since the peaked at all-time highs in November. Still, the selling pressure is gravitating on the investor’s sentiment as after picking up of rally 20% from the January consolidation took a breather at February 9 at 0.91.
Currently, Ripple’s price is on the course to penetrate the 50-day Simple Moving Average (SMA) at $0.740. Furthermore, a break below this level will allow investors to meet the lows of February 3 at $0.58. As the selling pressure is getting intense with the recent price action, Ripple does not look likely to pick up any time soon.
Technical Indicators:
RSI: The Relative Strenght Index (RSI) trades at 55 while it is just overturned from the overbought zone.
OBV: On the Balance, Volume indicators suggest declining volume interest with a drop in price.
A failure to stop the above-mentioned supply zone would open the gates for the lows last in July at $0.51. This level might spike some buying interest among investors in terms of a lucrative buy opportunity.
On the flip side, a shift in the bearish sentiment might pull investors for some buy-the-dip volume. This could result in a U-turn in XRP price action with the immediate target of highs made on February 9 at $0.91.
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