After a substantial jump, the crypto space has begun shedding its gains again. It’s again repeating the weekend trend by yet again and falling into a downtrend. Therefore beginning the new weekly trade on a bearish note. The dominant crypto, Bitcoin, possessed extreme strength and maintained a notable uptrend for the past couple of days. And while the crypto space was gearing up, XRP price was also rising slowly and consolidating.
When the uptrend was expected to continue until it reached the immediate resistance around $0.7, the BTC price yet again began to plunge down. And hence altcoins are also losing their strength including the XRP price which is feared to get rejected at the crucial resistance levels. If the asset fails to clear these levels then the asset could plummet to the lower levels, maybe below $0.5.
Ever since the asset plunged hard after rejecting from the $0.8 range began to trade within a very narrow range. Yet the price maintained the trend within the upper bands of the channel following a bounce from $0.55. The XRP price was about to break through the parallel channel, yet another squeeze hampered the rally. Therefore, following the downtrend, the asset could not only hit the lower band of the channel but also may pierce through these levels. In the worst case, the price could hit $0.5 levels also.
Currently, the XRP price trend is bearish across all time horizons with the momentum also being strongly bearish. The MACD line is below the Signal line where the histogram is bottoming while the red bars are slowly rising. On the other hand, the RSI has just plunged below the middle levels at 50 hence manifesting a bearish trend. The nearest resistance is $0.75 whereas the nearest support is $0.60.