Ripple’s (XRP) price fell below the critical 50-day EMA (Exponential Moving Average) at $0.36. This makes bears cheerful. Last time, the crossover happened in April, which resulted in a depreciation of 60% in the asset. Again, the current price action suggests that bears are fighting back.
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- XRP price extended the losses for the third straight day.
- The price slips below the 50-day EMA indicate renewed bearish bias.
- A triple-top barricade near $0.38 acts as a hurdle for the bulls.
XRP price slides lower
On the daily chart, the XRP price traded in a long-term downward trend. XRP renewed yearly lows in June. However, since the beginning of July, the price scaled higher to test the highs of $0.38. This happens to be the crucial ‘Tripple Top’ formation. This is a bearish pattern.
In addition to that, the price slipped below the 50-day moving average, giving another argument in favor of the bearish trend.
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As per the technical analysis theory, history repeats itself. On the same point, we expect XRP to retest the lows of $0.30. As it did on June 25th, when the price touched the $0.38 mark and fell toward the $0.30 level on June 30th.
On the hourly chart, the token price has been trading in an ascending channel. However, XRP broke the channel’s lower trend line, indicating a trend reversal.
Immediate support is placed at around $0.352. A break below this level would attract more sellers to liquidate their positions.
In addition to that, a bearish crossover of the 20-day and 50-day EMA also favored bearish sentiment.
On the flip side, sustained buying pressure could bring bulls back into the picture. In that case, the first upside target would be $0.38 followed by the highs of June 1 at $0.42.
Conclusion: –
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By doing multiple time frame analyses, XRP is expected to trade with a negative bias. A break below the session’s low would intensify the selling pressure.