Once again, XRP has failed to make a clear break above the $0.58 price region as it is now gradually making a move towards the $0.50 spot. With the bears now in the market, the digital asset once again saw a decline that pushed it close to the $0.49 zone. With XRP still trying to come back from previous losses, the digital asset is presently selling at $0.51 and has registered a massive loss of 6.19% in the last few days. Meanwhile, if XRP is looking to recover from the losses that it has accrued in the last few days, it would need to find its way towards the $0.55 price region.
XRP needs buyers to bounce back
With the asset presently selling for about $0.51, the digital asset would open up a potential trade below the moving averages. If this happens, the digital asset could go all the way to touch the $0.47 support zone before taking a stop or triggering an upward move. However, traders should be able to defend the price of the asset from touching the $0.45 price region. If the bears move below that price, they will be taking the asset towards $0.43 and the $0.41 mark.
To move closer to the top, the buyers would need to add their support so the asset would trigger an upward movement when it touches $0.55. And if the coin eventually trades above, the asset would be looking to hit top form and trade close to the resistance region of $0.60, $0.62. If the bulls establish their presence in the market, they would be looking to trade around $0.64 and $0.66.
As it stands now, the market is set to witness a bearish run because it has slid below the 60 level in its RSI. XRP is also trading in the bearish direction against Bitcoin. If the digital asset eventually trades below, it could trigger a decline move that would bring the asset closer to the down region. However, traders would hope that the 800 Satoshi level supports the asset before it further goes down to 750 Satoshi. If the bulls enter the market, it could make an upwards surge to hit 1200 Satoshi and other levels above.