Bitcoin’s inability to quickly recover from strong support levels suggested a lack of demand in the market. As a result, Altcoins have also suffered a loss of value. The recent market-wide sell-off struck the XRP price hard and does not appear to be positive right now.
The first Death cross in five months appears to be on the way for XRP, a signal analysts regard to be a bad market omen. Furthermore, the 50-day moving average has moved closer to the 200-day moving average, confirming the so-called bearish death cross.
Death crosses are the outcome of a long-term sell-off and have weak prognostic capabilities. By the time the crossover occurs, the market is usually oversold.
The price of XRP had a choppy start to the day, rising to an intraday high of 0.60 before reverting. For the previous two days, the bulls have been fighting to defend the $0.59 support but have been unable to accomplish a solid comeback off it. This indicates that traders are not in a hurry to buy XRP at current levels.
At the time of writing, the value of Ripple has dropped to $0.58. While the price is currently hovering just around $0.55, the bearish pressure is strong, and the price could fall further if the current market structure continues.
With the next focus on the immediate resistance levels of $0.62 and $0.65, the upside is likely to acquire traction. Following that, the $0.75 levels enter the picture. The levels of support were $0.55, $0.45, and $0.40, respectively.
Despite the fact that the SEC case and its progress appeared to be a major catalyst for the XRP price, the prices seem to be unaffected.
On July 27, a former agency officer, Willian Hinman, will be deposed. He will be confronted by the blockchain firm over his previous statement that Ethereum is not a security. If the XRP price can capitalize on the bullish feeling, Ripple’s underperformance could be reversed.