The XRP Price is trading on a bearish note on the monthly chart, failing to hold the key moving averages. The volume, on the other hand, has been ordinary in recent weeks and needs to improve for a healthy recovery.
In tandem with the entire crypto market, XRP is also under selling pressure. The token is presently moving towards the major support zone of $0.65, which aligns with the previous month’s lows.
At this point, the 20-SMA has flipped negative, and a retrace towards $0.643 support is likely. Looks like there’s a possibility of a further sell-off. The resistance zone of $0.643 and $0.718 is expected to offset incoming losses, but there is also a chance of a breakdown.
XRP has Almost reached Oversold & Support Zone
Over the last month, the Relative Strength Index for XRP has failed to rise over 50. The index is near the oversold zone, indicating a possible reversal in the coming days. A positive crossover in the oversold range was noted by the stochastic RSI. These indicators suggested that XRP will cut its losses inside the $0.761-0.643 demand zone.
Moving Average Convergence Divergence is currently indicating a bearish trend. The seller’s signal line (red) is more significant, while the buyer’s signal line (green) is under pressure.
However, it is difficult to predict XRP’s movement in the following days due to the mixed bag of indicators. Further losses could be eased by the resistance zone of $0.643 and $0.718, but a collapse could not be ruled out. If the decision is adverse, the cryptocurrency will fall to a stronger support range of $0.55-$0.61