Ripple’s (XRP) price trades lower for the second straight session. XRP price action is hurting investors and continues to drift lower. As of press time, XRP/USD is trading at $0.79%, down for more than 1% for the day.
XRP price trades lower on the first day of the new trading week.
Expect more downside if slice below the 0.70 critical level.
XRP is expected to shed another 25% in the coming few sessions.
On the daily chart, Ripple’s (XRP) price has been trading in the long-term downside momentum since the peaked at all-time highs in November. Still, the selling pressure is gravitating on the investor’s sentiment as after picking up of rally 20% from the January consolidation took a breather at February 9 at 0.91.
Currently, Ripple’s price is on the course to penetrate the 50-day Simple Moving Average (SMA) at $0.740. Furthermore, a break below this level will allow investors to meet the lows of February 3 at $0.58. As the selling pressure is getting intense with the recent price action, Ripple does not look likely to pick up any time soon.
RSI: The Relative Strenght Index (RSI) trades at 55 while it is just overturned from the overbought zone.
OBV: On the Balance, Volume indicators suggest declining volume interest with a drop in price.
A failure to stop the above-mentioned supply zone would open the gates for the lows last in July at $0.51. This level might spike some buying interest among investors in terms of a lucrative buy opportunity.
On the flip side, a shift in the bearish sentiment might pull investors for some buy-the-dip volume. This could result in a U-turn in XRP price action with the immediate target of highs made on February 9 at $0.91.
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