XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?

XRP price continues to trade in the lower trajectory excluding the previous day’s move. Investors are advised to wait for further confirmation before placing aggressive bids. If the price manages to flip resistance into support an impressive row of gains could be observed by the sidelined buyers.

• XRP price edges lower bucking the previous session’s upside move on Saturday.
• A weekly close below $0.33 would be a warning sign for XRP buyers.
• XRP traded in a range of $0.38 and $0.46 in the past 24-hours with negative bias.

XRP price trades near an inflection point

The recent price action pushed XRP’s market cap down to 1.59% of the total cryptocurrency market cap. XRP has depreciated 87.66% from its all-time high of $3.29 made on January 4, 2018.

On the weekly chart, the XRP price traded in a descending triangle pattern since April 21. The buyers tested the descending trend line thrice indicating the presence of the upside pressure. To add to the depreciating currency XRP dropped below the critical 200-day EMA (Exponential Moving Average) at $0.61 as the May series began. In addition to that, a break of the baseline of the triangle pattern pushed the price to test the lows last seen in February 2021.

Lack of any positive signal combined with renewed selling pressure would drag XRP towards January 2021 lows at $0.24.

On the contrary, a shift in the bullish sentiment could challenge the prevailing downside trend. If the buyers manage to take out the psychological $0.50 then more upside could be possible.

The RSI is trading at 32, which stipulates the bearish outlook on the asset.

As of press time, XRP/USD is trading at $0.40 down 4.90% for the day. The cryptocurrency is holding a 24-hour trading volume of $2,136,668,478.

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.