XRP price rally appears to have lost the bullish momentum as the asset is as the entire market fell into a bearish trap
The continued plunge could possibly drive the price below $1 yet the support trend line could prevent the further slippage
After a flourishing trade, most of the cryptocurrencies appear to have got exhausted and just letting the bears extract profits. The majority of the assets are down with huge margins, Solana price being the leader with more than 13% drop. Also, a significant drop in the trading volume, XRP price also has lost a huge market share and value.
The asset initiated the day’s trade with a deep dive losing nearly 3%-4% in just a few minutes. However, it was successful to some extent to gear up and reach above $1.1. But woefully it turned out to be a short-lived one, as the price yet again fell into a bearish trap. Yet, the mounting selling pressure suggests the price could lose more gains and plunge below $1.
Currently, the price just halted its way to test the trend line and is about to take a flip towards the north. However, the flip may not be still confirmed, yet the indicators suggest the possibilities are high. The RSI slipped below the trend line, yet the price still remains above. This clearly points out the self-assurance of the asset to prevent further loss.
The only thing that could prevent the XRP price to slip below $1 is to sustain hard above the support or trend line. On the other hand, the MACD points out the ease of the selling pressure, which could intensify the buyer’s pace to grab the discounted deal. However, the trend showcases the possibilities of plunging below $1 are pretty less, yet the probability of a massive leg up also appears distinct.