XRP price trades lower with the previous sideways movement. Investors remain cautious of making aggressive bids as the asset trades near the inflection point.
- XRP price continues to trade with a negative bias.
- Expect more downside below the 200-day EMA at $0.85.
- A downside breakout of the ‘Symmetrical triangle’ will dictate the next trend.
XRP looks for a bearish reversal
On the daily chart, the XRP price slips below the crucial 200-EMA (Exponential Moving Average) at $0.84. Now, it holds around the reliable support placed at $0.80. Looking at the previous trend, the XRP price glides inside the ‘Symmetrical triangle’ formation after testing the lows of $0.62 in late February.
Now, if the price breaks the mentioned support level, then it will dive toward the horizontal $0.70 level. Further, intense selling pressure could pull toward the lows of February at $0.62.
On the contrary, a daily close above the 200-EMA amid a shift in the bullish sentiment would invalidate the bearish outlook of the pair. The first upside target could be found at the psychological $0.90 mark.
Next, market participants would approach the highs of December 23 at $1.01.
XRP price tested the record lows in late January at $0.54. The price surged nearly 68% to the swing highs of $0.91. Since then, XRP is gliding inside the ‘Symmetrical triangle’ formation. The next move will depend upon the breakout in either direction.
As of press time, XRP/USD is trading at $0.81, down 0.07$ for the day. The seventh-largest cryptocurrency by market cap is holding a 24-hour trading volume of $2,966,986,477.
RSI: The daily Relative Strength Index fell below the average line. However, it reads at 50 with a neutral bias.
MACD: The Moving Average Convergence Divergence although holds above the midline. The indicator signifies the receding bullish momentum.
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.