Ripple (XRP) price is trading lower for the second consecutive session. XRP price action hurts investors and continues to fall. At press time, XRP/USD is trading at $0.79%, down more than 1% for the day.
XRP price is trading lower on the first day of the new trading week. Expect more downside if it falls below the critical level of 0.70. XRP is expected to lose another 25% in the next few sessions.
XRP could fall below the 50-day SMA
On the daily chart, Ripple (XRP) price has been trading in long-term downward momentum since its high in November. Still, selling pressures are mounting on investor sentiment as, after the 20% rally of consolidation picked up in January, a breather was taken on February 9 at 0.91.
Currently, Ripple’s price is on track to penetrate the 50-day Simple Moving Average (SMA) of $0.740. In addition, a breach below this level will allow investors to hit the February 3 lows at $0.58. Since the selling pressure is getting intense with the recent price action, it doesn’t look like Ripple will pick up any time soon.
Technical indicators:
RSI: The Relative Strenght Index (RSI) is trading at 55, having just flipped out of the overbought zone.
OBV: On the balance sheet, volume indicators indicate declining volume interest with a decline in price.
If the aforementioned supply zone is not stopped, the gates to last July’s lows would open at $0.51. This level may generate some buying interest among investors in terms of a lucrative buying opportunity.
On the downside, a shift in bearish sentiment could attract investors for some buy-the-dip volume. This could result in a reversal in XRP price action with the immediate target of highs on February 9 at $0.91.
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This post Ripple (XRP) Price Today: XRP Continues Dropping Towards $0.70, It’s Time to Make a Profit!
was published first on https://coingape.com/markets/ripple-xrp-price-today-xrp-continues-to-drop-toward-0-70-is-time-to-book-profit/
