XRP Price May Slide Towards January 2021 Lows; Sell Or Hold?

XRP price fell for the second consecutive session wiping out Thursday’s dismal gains. The recent price action indicates the sellers are not ready to step back any time sooner. As the price approaches the levels to last visible in March 2021. The probability of any upside is quite dim as the selling pressure remains intense.

• XRP price bleeds 10% on Thursday amid extensive selling momentum on Thursday.
• Expect a further slide in the price as it hovers near the crucial support zone on the weekly chart.
• A bounce-back toward $0.75 could pause the selling at least in the short term.

XRP price continues south

XRP price nosedives with heavy trading volumes and looks weak on all-time-frames. The price roll down multiple stoppages on the weekly chart. The bearish outlook holds strong for the coin, as a breakdown of crucial support level around $0.40 would knock down XRP towards further lower levels.

On the daily chart, the XRP price has been consolidating near the demand zone extending from $0.65 to $0.70 since February. However, the range is broken on April 25, finally, although the warning signal appeared on April 17. XRP slipped below the crossover of 20-day and 50-day EMAs (Exponential Moving Average). The price recorded descent of nearly 50% to the swing lows of $0.33.

The panic selling mode in the broader crypto market added to the woes of the already depreciating asset. In addition to that, the trading volume fully supported the downswing with a promise to explore the $0.21 level, the level last seen in January 2021.

On the other hand, a spike in buying orders could challenge the prevailing trend. The price could bounce back to recoup the previous session high of $0.50. Further, an acceptance above the mentioned level could see $0.60 in the next few session.

The Relative Strength Index (RSI) fell sharply below the average line while it approaches the oversold zone. It reads at 19. As of press time, XRP/USD reads at $0.38 with a loss of 8.94% for the day.

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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.