XRP Price May Slide Towards January 2021 Lows; Sell Or Hold?

Rekha chauhan
Updated
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XRP price fell for the second consecutive session wiping out Thursday’s dismal gains. The recent price action indicates the sellers are not ready to step back any time sooner. As the price approaches the levels to last visible in March 2021. The probability of any upside is quite dim as the selling pressure remains intense.

  • XRP price bleeds 10% on Thursday amid extensive selling momentum on Thursday.
  • Expect a further slide in the price as it hovers near the crucial support zone on the weekly chart.
  • A bounce-back toward $0.75 could pause the selling at least in the short term.
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XRP price continues south

XRP price nosedives with heavy trading volumes and looks weak on all-time-frames. The price roll down multiple stoppages on the weekly chart. The bearish outlook holds strong for the coin, as a breakdown of crucial support level around $0.40 would knock down XRP towards further lower levels.

Source: Trading view

On the daily chart, the XRP price has been consolidating near the demand zone extending from $0.65 to $0.70 since February. However, the range is broken on April 25, finally, although the warning signal appeared on April 17. XRP slipped below the crossover of 20-day and 50-day EMAs (Exponential Moving Average). The price recorded descent of nearly 50% to the swing lows of $0.33.

Source: Trading view

The panic selling mode in the broader crypto market added to the woes of the already depreciating asset. In addition to that, the trading volume fully supported the downswing with a promise to explore the $0.21 level, the level last seen in January 2021.

On the other hand, a spike in buying orders could challenge the prevailing trend. The price could bounce back to recoup the previous session high of $0.50. Further, an acceptance above the mentioned level could see $0.60 in the next few session.

The Relative Strength Index (RSI) fell sharply below the average line while it approaches the oversold zone. It reads at 19. As of press time, XRP/USD reads at $0.38 with a loss of 8.94% for the day.

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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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.