XRP price continues to fall for the second day after a minor pause on Wednesday. The price remains pressured near the vital support area around $60.0. However, the bounce back is still a distant possibility for the XRP buyers.
- XRP price continues to fall on Friday amid intense selling pressure.
- The price hovers near the crucial support zone around $0.60, expect a bounce back in the price at least in the short term.
- However, the downside risk remains intact as the price lost 12% on the weekly basis.
As of writing, XRP/USD is exchanging hands at 4.83% for the day. The 24-hour trading volume of the eighth-largest cryptocurrency is holding at $1,698,644,696 as updated by the CoinMarketCap.
XRP price trades near the support levels
On the daily chart, as the price meets the ‘double top’ formation near $0.91 it resulted in a retracement. First on February 9, and next on March 28, however, the retracement found support at around $0.60.
Now, the price consolidates near crucial horizontal support, a sustained buying momentum could push the price higher to recapture the 21-day ema (Exponential Moving Average) at 0.71
A resurgence in the buying order would push the buyer limit toward $0.80.
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On the weekly chart, an acceptance above the 50-day ema would chase the horizontal resistance line at $1.0.
On the flip side, a failure to hold $0.60 on the weekly basis would invalidate the bullish outlook in the asset. On the lower side, the first downside target could be found at the lows of July at $0.51 followed by the horizontal support level at $0.40.
Technical indicators:
RSI: The relative strength index hovers near the oversold zone below the average line. Currently, it reads at 26.
MACD: The moving average convergence divergence indicates receding bearish momentum while holding below the midline.
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