XRP Price Approaches Weekly Support Near $0.70; Hold or Exit?

XRP price continues to retrace lower for the third straight day. The price is currently under the short-term downside as it records a 12% fall since the previous week. The bearish sentiment is expected to continue if the current vital support zone on the daily as weekly time-frame is broken with conviction.

• XRP price edges lower with modest losses on Friday.
• Investors shall expect $0.60 if closes below $0.70 on the weekly basis.
• The price is holding near the crucial support zone extending since February.

XRP price hovers near an inflection point

XRP price surged nearly 68% after falling from the swing highs of 1.01 made in late December. This upswing in the price pushed the token to test the $0.90 level. However, with the broader market structure, and profit-booking by investors, the XRP price retreated to the swing lows of $0.62 in February. Since then XRP has been trading in a short-term trading range of $0.70 and $0.90.

In addition to that, the XRP price remains pressured below the critical 200-day and 50-day EMAs (exponential moving average) since April 6. This makes the recovery of the asset more challenging.

Now, the price holds near the reliable support level of around $0.72. If it closes below $0.70 on the weekly basis would result in the piercing of the lower trading range.

The price could plunge toward the horizontal support zone at $0.62 followed by the lows of January 24 at $0.55.

On the flip side, if the price manages to close above the session low then it would extend the consolidation phase. In that case, the odds might get skewed on the side of the bulls, and could end in bouncing back to the psychological $0.80 level.

As of publication time, XRP/USD is trading at $0.72, down 1.20% for the day.

Technical indicators:

RSI: The daily relative strength index slipped below the average line in the previous session. It reads at 39.

MACD: The moving average convergence divergence oscillates below the midline with negative bias.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.