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- XRP price dropped by 12% for three consecutive trading sessions.
- Trading volume reflects prevailing selling pressure.
- Prices reversed after facing rejection at the primary resistance level.
Weak XRP price action broadcast bearish signs and was significantly rejected at the primary resistance level, marking a downtrend. With Ripple versus SEC lawsuit standing at the edge and awaiting a verdict, XRP price displays ambiguous trends. The ongoing speculation for Ripple to win the lawsuit against SEC, has begun to flourish bullish sentiments amongst investors and the community. Despite these sentiments, XRP marked a drop for three consecutive trading sessions, after breaking out from the rising channel.
The Monoscope
Source: XRP/USDT by TradingView
XRP price forms a rising channel, breaking out of which the prices started to fall. The fall could take support near $0.4455. The downtrend reclaimed the 20-EMA and can capture the rest of the EMAs soon. The trading volume displays increasing selling pressure among investors. The Bollinger Bands diverge to reflect persistent volatility. The downtick in the OBV suggests the present trend is unfavorable for XRP price.
Source: XRP/USDT by TradingView
XRP price formed a bullish pattern with a recent breakout. The Super Trends show a flat trend due to the fall. The CCI drops to the negative ranges suggesting a negative gap between present price and historical prices. The MACD widens the negative cross and records tall seller bars in the region below the zero-histogram mark. The RSI drops reaching the 40-range to depict escalation in seller interest in Ripple.
The Microscope
Source: XRP/USDT by TradingView
In the smaller time frame, Ripple token displays bearish attributes and records a downward movement in the Super Trends. The MACD underwent a bearish divergence and recorded massive seller interaction in the market. The CCI moved close to the negative 100 range indicating a negative difference between the present XRP price and historical prices. The RSI dropped to the oversold zone representing overwhelmed sellers in the market for XRP.
Conclusion
The Ripple lawsuit against the SEC awaits a verdict and is on the verge of ending triggering high volatility in XRP price. The present dip may lay a strong foundation for a future rally. The falling price can look for support near $0.4455 and could retrace.
Technical levels
Support levels: $0.4455 and $0.3920
Resistance levels: $0.5325 and $0.5805
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
