XRP price is trading lower with the previous sideways move. Investors remain cautious about making aggressive bids as the asset trades near the inflection point.
XRP price continues to trade with negative bias. Expect more downside below the 200-day EMA at $0.85. A downward breach of the ‘symmetrical triangle’ will dictate the next trend.
XRP Looks For A Bearish Reversal
On the daily chart, XRP price drops below the crucial 200-EMA (exponential moving average) at $0.84. Now it is holding the reliable USD 0.80 support. Looking at the previous trend, XRP price is sliding within the ‘symmetrical triangle’ formation after testing the lows of $0.62 in late February.
Source: Trade View
Now if the price breaks through the mentioned support level, it will plunge towards the horizontal level of $0.70. Furthermore, intense selling pressure could push towards the February lows at $0.62.
Rather, a daily close above the 200 EMA amid a shift in bullish sentiment would invalidate the pair’s bearish outlook. The first upward target was found at the psychological $0.90.
Subsequently, market participants would approach the December 23 highs at $1.01.
The XRP price tested the record lows at $0.54 in late January. The price was up nearly 68% to the swing highs of $0.91. Since then, XRP has been sliding in the ‘Symmetrical triangle’ formation. The next move will depend on the breakout in both directions.
At press time, XRP/USD is trading at $0.81, down from $0.07 for the day. The seventh largest cryptocurrency by market capitalization has a 24-hour trading volume of $2,966,986,477.
RSI: The daily Relative Strength Index fell below the average line. However, it reads at 50 with a neutral bias.
MACD: The moving average convergence divergence, although it remains above the midline. The indicator indicates declining bullish momentum.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post Ripple Price Prediction: XRP Price Continues Pressure Below 200-Day EMA $0.85
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