Ripple’s tussle with SEC has had an adverse effect on XRP which slid to the seventh position by market cap on the leaderboard. XRP buyers lacked the momentum to drive prices higher.
The market-wide price recovery has managed to diminish XRP’s weekly losses. However, it was still down by 3.70% for the same time frame. The crypto-asset has been turned down from the $0.50 overhead resistance yet again as bears asserted dominance over the market.
XRP was currently trading at $0.449 after a decline of 1.21% over the past day. At the time of writing, the token recorded a market cap of $20.38 billion and a 24-hour trading volume of $2.89 billion.
XRP Daily Chart:
The daily moving averages on the daily chart underwent the much-needed bullish crossover on the 6th of March following a short-lived price revival. The candles were now stuck between the price cohort of $0.50-0.41 despite the rising gauge between the two DMAs.
This was due to the fact that the 50 DMA [Pink] resisted a potential uptrend by the XRP price candles as it attempted to hover over them. The added selling pressure forced the session to close within the channel formed. Failure to revisit crucial price ceilings could bring support levels into play.
The red closing bars depicted which flipped on the negative side depicting a bearish momentum for XRP’s price. The above chart neither the momentum nor the buying volume was substantial at the time of writing.
This was evidenced by the MACD which flipped bearish on the negative side.
The RSI was hovering below the 50-median line as the selling pressure nullified the buying demand in the market.
As noted by the above charts, signs of bullish reversal have been negated as investors continued to offload tokens. Hence, if the bears sustain the price below the 50 DMA, the crypto-asset could test support at $0.413. Another crucial support level was found at $0.37. If the bulls fail to defend this area, the price could drop all the way to $0.252 due to the lack of any significant support points in between.
Its resistance levels, on the other hand, were found at $0.486, $0.566 and $0.635 respectively.