XRPย Rippleย (XRP) is in the red today, losing grip of its recent profits as the bears act on itsย value. The bulls had sustained the price momentum driving XRPย Rippleย (XRP) to $0.4688 on May 19. The investment traded within this range till May 24, when the bears dropped it to a closing price of $0.454.
Onย theย otherย hand, today, XRPโs price has gradually declined to the $0.451 level as the bears continue to exert pressure on its price.
More Bearish Tendency For XRP
XRPย Rippleย (XRP) is in a downtrend today, forming a Second consecutive red candle on the daily price chart with lower lows.ย The investment trades below its 50-day Simple Moving Average (SMA), a short-term-bearish sentiment. The 50-day SMA signifies XRPโs average price over a specific period.
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Similarly, the Relative Strength Index (RSI) is 46.71 in the neutral zone and descending, further confirming a bearish sentiment for XRPย Rippleย (XRP). The RSI has two critical regions the overbought region and the oversold region. RSI values betwixt 70 and 30 are neutral.ย
Given the descending line of XRPโs RSI, the investment is entering the oversold region from which a tendency reversal is imminent.ย
XRPโs Moving Average Convergence/Divergence (MACD) is over its signal line, suggesting a positiveย tendency sentiment. Nonetheless, the MACD displays negative values, and its histogram bars hint at a bearish reversal.
The MACD identifies the tendency direction of an investment and isย frequently used to place trades. Asย ofย now, it displays a tentative sell signal in the market today. Butย XRPย Rippleย (XRP) is trading over the 200-day SMA, suggesting a positiveย tendency tendency in the long run.ย
The cryptoย altcoin is currentlyย worth the $0.4504 levelย ofย support as the bears seek to push it down. Bearish pressure at the $0.46591 resistance level pushed XRPย Rippleย (XRP) into a downtrend.ย
A further decline will see XRPย Rippleย (XRP) return to the $0.44446 levelย ofย support and push it to the oversold region. XRPย Rippleย (XRP) will likely record more price falls in the short term.ย
Nonetheless, since it isย still trading over its 200-day SMA, a longstanding positiveย tendency sentiment, the bulls will rally onceย more once they regain control of its price.
XRPย Rippleย (XRP) Updates Canย potentially Influence Price Action In Long term
Ripple Labsโ ongoing legal case with the Unitedย States Securities and Exchange Commission is likely one of the reasons behind XRPโs price downturn. Nonetheless, as the Ripple CEO stated, the case may likely conclude soon.
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Ripple Labs Attorney Kylie Chiseul Kim filed a letter to withdraw as legal counsel for their ongoing case. The Attorney is leaving her previous employers, Kellogg, Hansen, Todd, Figel & Fredrick P.L.L.C, and Devbevoise & Plimpton LLP. Nevertheless, the court filings indicatedย that the law company would remain counsel for Ripple Labs.
Featured image from Pixabay and chart from TradingView.com
