Ripple (XRP) price is facing downside risk, preventing it from extending gains from the previous session on Wednesday. The heavyweights of the global crypto market Bitcoin (BTC) fell 1.24% and the second largest cryptocurrency Ethereum lost 0.57%.
Ripple (XRP) price is trading lower on Wednesday amid global volatility and risk aversion. XRP faces downside risk towards $0.70 if the price moves below the 50-day EMA. The momentum oscillator provides mixed signals warning traders against aggressive bids.
At the time of writing, XRP/USD is trading at $0.76, down 2.88% for the day. The sixth largest cryptocurrency by market capitalization keeps 24-hour trading volume at $2,463,626,968 with 24% losses according to CoinMarketCap.
XRP faces upside risk
Source: Trade View
On the daily chart, Ripple (XRP) price remains hovering near the crucial 50-day exponential moving average (EMA) at $0.76. In addition, the price continues to be under pressure at swing highs of $0.91 and is pulling back close to 31%.
After testing lows in February at $0.62, XRP is facing multiple rejections around the bearish trendline from the recent highs.
Now if the price drops below the said moving average, the first downward target will be placed at $0.70. A daily close below the said level will then explore the horizontal support line at $0.62.
Although the current price action seems in favor of the bears. However, a spike in buy orders could push the price to test the previous session’s high of $0.80, this will also coincide with a close above the bearish slopping line.
Next, the asset will aim for the critical 200 EMA at $0.85.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is trading just slightly above the average line as it reads at 49.
MACD: The Moving Average Convergence Divergence (MACD) is floating above the midline with a bullish bias.
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This post Ripple (XRP) Price Prediction: XRP Could Test $0.70 Below the 50-Day EMA
was published first on https://coingape.com/markets/ripple-xrp-price-prediction-xrp-could-test-0-70-below-50-day-ema/
