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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 21, 2023 12:43 UTC
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XRP Price Analysis: Why Ripple Will Fall Below The 200-day EMA With This Retest?
XRP price is down by 2.99% as it retests the broken falling channel.
Ripple might fall below $0.50 if it fails to float above the 200-day EMA.
Crashing markets push the XRP price below the support trendline of the falling channel, resulting in a drop to $0.43 before closing at $0.50. With a morning start pattern to resurface above the 200-day EMA, the XRP price jumps by 6.63% over the weekend.
The weekend recovery retests the broken falling channel and subsides under the overhead supply. With an intraday fall of 2.99%, Ripple struggles to sustain above the 200-day EMA and approaches the psychological mark of $0.50.
What’s With the Next SEC Appeal?
The silence over the weekend recovery from Ripple and SEC fuels the recovery to $0.55. However, with the news of the SEC temporary or interlocutory appeal being accepted by the court, the legal battle with Ripple prolongs.
In its recent filing, the regulators argue that the asset underlying the investment contract was necessarily a security. The SEC states that digital assets have no inherent value and are nothing more than computer code and it is not seeking an appellate review of any relevant holding in its case against Ripple.
Intraday Fall Undermines Weekend Recovery in Ripple
With the Ripple-SEC case ready for a new turn with an appeal coming soon from the SEC end, XRP prices may soon hit another bad patch. Furthermore, with the $0.54 fallout, the chances of Ripple making a comeback this month declines sharply.
The daily candle shows a strong bearish candle that grows stronger to undermine the weekend recovery. Therefore, the XRP prices may soon continue the downtrend to breach the $0.50 mark.
Coming to the technical indicators, the stochastic RSI indicator shows the lines struggling to rise after a positive crossover. Meanwhile, the RSI line dips to the oversold boundary after a failed spike.
Will XRP Drop Below $0.50?
As Ripple fails to hold onto its weekend recovery, the selling pressure surges with a new week. Currently trading at $0.52197, the XRP price is under the 200-day EMA with a 2.99% fall. Moreover, the intraday fall showcases a post-retest fall from $0.54, increasing the bearish sentiments.
Optimistically, if Ripple sustains above 200-day EMA with lower price rejection, it may rechallenge the $0.54 mark.
On the flip side, the downtrend continuation below the 200-day EMA will highlight a more catastrophic correction. The following support levels are at $0.45 and $0.41.
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