Will Today’s Disclosure of Sealed Memos Drive XRP Price Up? XRP Price Analysis

Ripple’s (XRP) price continues to trades lower for the second straight session. XRP met with multiple price rejections near the descending trend line from the highs of November 10. Furthermore, XRP price action has seen its downside momentum from its swing highs made on February 9 at $0.91.

Ripple (XRP) price faces multiple hurdles as the token advances toward $1.0.
XRP has been consolidating near the swing highs with a pessimistic view.
Increased selling pressure might result in meeting the 50-day SMA near$0.70.

As of press time, XRP/USD is trading at $0.81, down nearly 2% for the day. The 24-hour trading volume stands at $2,360,042,684 with gains of 12%.

Source: Trading view

On the daily chart, after login a single day gains on February 7, the pair continues to retrace lower. The descending trend line from the highs of $1.34 acts as a strong barrier for the XRP bulls. Ripple is on the lookout to discover critical levels of support before targeting higher levels.

The selling pressure intensified near the ‘death cross’ at $0.95 resulting in a downfall of 40%. After a few weeks of consolidation, XRP price registered a growth of 55%  breaking above the 50-day Simple Moving Average (SMA) at $0.74.

A spike in sell order would push XRP to move beyond the 50-day moving average to seek immediate support at $0.60.

On the other hand, if bullish sentiment rises, XRP bulls aim for the recent highs made on February 9 at $0.91. A resurgence of the buying pressure would result in piercing the bearish sloping line to take out the $1.0 psychological level.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 55 with a bearish crossover signaling the bearish bias for the token.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline indicating some sideways movement for XRP.

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