XRP Trades On The Verge Of A Bearish Rally! XRP Price To Witness A Sharp Collapse Near This Level

The recent turmoil due to SEC’s tightening scrutiny on crypto and bearish CPI data release has sent shockwaves to the altcoin market. XRP is no exception to this ongoing trend, as it faces sharp rejections near resistance levels.

Moreover, the pending decision on the lawsuit has allowed sellers to pave a profitable way amid the downward rally. As a result, according to market analysts and technical perspectives, XRP is preparing for a short-term downtrend as the token witnesses extreme selling pressure from bears. 

XRP Bulls To Lose Grip!

As the market witnesses uncertainty regarding unregistered securities, Ripple’s lawsuit against the SEC is weakening. Moreover, SEC’s back-to-back attack on the crypto space has significantly impacted investors’ sentiments, forcing them to eliminate bullish hopes. 

According to an on-chain tracker, Whale Alert, Ripple has consecutively executed three massive XRP transactions in the last 24 years. It is reported that Ripple has transferred a total of 450 million ($166.3 million) XRP for selling purposes. The amount was sent to the US-based crypto exchange Bittrex. Though this massive transfer creates a slight FUD sentiment among traders, market traders see this as an operational expense. 

Amid all these, the XRP community is still optimistic toward bullish goals as recently, the Japanese crypto platform FuelHash adopted XRP, which intensified bulls’ trust in the platform. 

What Is Waiting For XRP?

As the crypto market is facing a downturn, XRP is feeling the heat alongside its peers. In addition, the market is struggling with the recent regulatory crackdown by the SEC on BUSD stablecoin issuer Paxos, casting a shadow on the future of XRP and capping its potential for growth. 

As of writing, XRP price trades at $0.3756, with an uptick of over 2% in the last 24 hours. Analyzing the daily price chart, the XRP token is trading on the boundary of igniting a steep fall as it witnesses massive volatility near the immediate support level. If the XRP token falls below $0.365, it will experience intense selling pressure near the 61.8% Fib level and trade below $0.32. 

Moreover, the RSI-14 consolidates in a selling region, pushing the Stoch RSI to hit the extreme bearish region. If the SMA-14 drops below the 35 level, it can ignite fresh selling positions and slump the XRP token to trade below $0.28.

Since September, XRP has been on a downward trend and has hit rock bottom twice at $0.30. Hence, a repetition in its historical movement may be brewing on the horizon, and there might be another exciting twist for XRP in the next few days. 

However, the final judgment on Ripple’s lawsuit may become a catalyst in eliminating all bearish analysis as Ripple’s victory will begin a new era for the XRP token.