Cryptocurrency News, Cryptocurrency Price Analysis

XRP Seeing Bearish Signals

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XRP initially opened trading at around $0.50 this level, the same level that has been seen as its resistance level in the last few days. Despite trying to hold steady at that position, the digital asset saw the bears come into the market to drive the market close to $0.45. With the asset now under the resistance level, it is now trading at the same level in its day-to-day and day trading levels. As it stands now, the asset is trading in a tight close channel and shows little signs of bullish impulse.

XRP faces a hurdle to climb up

The digital asset is now trying to recover from its previous price of around $0.45, with the resistance level of $0.50 in sight. The price of the asset could see an intervention of the bulls if it makes use of its momentum above the 9-day moving average. The digital asset also touched a daily high figure of $0.48 before resuming trading at the previous price mark after giving way to the bears.

As it stands now, the digital asset may face a huge hurdle in the upper channel, with the latest resistance level already close around its previous all-time high level of $0.48. However, in the short term, the digital asset would be looking to the bulls to boost its price upward because it is currently trying up and above the 50 level of the RSI.

Also, if the price pushed above the $0.48 resistance level, then it could see a boost all the way to reach the $0.55 level. If it continues and moves upwards, it could be waiting to boost close to $0.60. a final push triggered by market factors could see the bulls push the asset towards the price mark of $0.65.

XRP/BTC comparison

Also, the digital asset could trade below with its support level already established around the $0.45 level. If the bulls and market factors fail to defend the price of the asset at that level, the digital asset could go all the way to first touch the $0.35 support level before going on to touch the $0.30 level. A final drop below the channel’s lower boundary might see the asset cling on to the last support at $0.25.

Against Bitcoin, the price of the asset is presently moving in the bearish region, with the asset presently far below its 9 day and 21-day living averages. The bulls have tried to push above the moving averages and have been unsuccessful so far in the quest. A push above might see the price of the asset surge to reach the 950 Satoshi level and above. If the coin continues its trend below, it could go all the way to trigger the support of 550 Satoshi. Meanwhile, a bearish signal is looking as the digital asset continues to trade below the 40 level of the RSI.

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