XRP Price Faces Bearish Pressure as Traders Turn Bearish
XRP price is currently trading with a bearish bias at $0.5194, down 3% in the last 24 hours. The remittance token is facing overhead pressure from the moving averages, which threatens to lower the price. Traders seem to be turning bearish on Ripple, and the cryptocurrency faces stiff resistance on its recovery path.
Main Breakdowns:
- Ripple attempted a recovery after setting a swing low at $0.4367 on August 17.
- XRP is now trading below the 50-four-hour Simple Moving Average (SMA) at $0.5232.
- A descending trendline is forming support at $0.5132 on the four-hour chart.
- XRP could face additional support levels at $0.48, $0.45, and $0.42.
- The price could potentially drop to $0.40, resulting in total losses of 23%.
Ripple’s Resistance and Market Conditions
The Relative Strength Index (RSI) indicates more sellers than buyers in the Ripple market, with a value of 42. The Moving Average Convergence Divergence (MACD) indicator suggests favorable conditions for bears. XRP also faces resistance from major SMAs, including the 50 SMA, 100 SMA, and 200 SMA.
Consider XRP Alternatives
Considering the uncertainty surrounding Ripple’s recovery, it may be worth exploring alternative cryptocurrencies. LPX, a promising alternative to Ripple, offers an easy-to-use trading ecosystem and provides training for successful trading. Launchpad XYZ is another option that provides insights into Web3 markets and helps users establish their own trading strategies.
By
By
By
