XRP Price Falls to 10-month lows; Is $0.40 Next?

Ledger Nano X - The secure hardware wallet

XRP price extends the slide on Monday with heavy selling volumes. The price looks bearish as it fell vertically on the daily chart. XRP collapses with no immediate support base, a fall below the current level would invite more sellers.

XRP price trades lower with a heavy downside momentum on Monday.
The lower side could be expected as the price slips below the 200-day EMA on the weekly chart.
A daily candlestick above $0.60 would challenge the bearish outlook.

XRP price has no stoppage

Source: Trading view

XRP price is displaying intense selling pressure on the weekly-time frame. The price dropped 76% from the highs of April at $1.96, the descending trend line extending from the level acted as a resistance barrier to the bulls. The $1.40 remained a crucial level to trade as it formed a ‘double top’ formation. In addition to that, the bearish slopping line also makes the recovery a challenge for XRP.

Now, the price breaches the 200-day EMA (Exponential Moving Average) at  $0.56 for the first time since January 2021. It could be the beginning of a new selling cycle with the bears targeting $0.40 followed by $0.20.

On the flip side, with a spike in buy orders owing to the oversold market structure, the price could recapture the session’s high. The change in the trend could only be possible above $0.70 on the daily basis.

As of press time, XRP/USD is exchanging hands at $0.47 down 15.16% for the day. The sixth-largest cryptocurrency by the market cap is held a 24-hour trading volume at $2,756,777,465 according to the CoinMarketCap.

Technical indicators:

Stochastic oscillator: The bounded oscillator is in an oversold zone. An uptick in the indicator could result in a jump in the price.

MACD: The Moving Average Convergence Divergence fell below the midline with increasing downside momentum,

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. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.