XRP price trades with a negative bias on Thursday. The price is in a downtrend for more than a month after tagging the highs around $0.91. As for now, XRP is finding refuge near the reliable support level placed at around $0.65. However, the downside risk remains intact amid bleak buying opportunities.
- XRP price dwindles around the short-term support with negative bias.
- A short-term predefined trading range of $0.65 and $0.90 indicates a bounce-back might be on offer.
- However, a daily close below $0.60 would challenge further downside in the asset.
XRP price trades with downside bias
XRP price surged nearly 65% from the record lows of $0.55 made on January 22 to the swing highs of $0.91. Now, this level is the upper boundary of the trading range, which makes it a crucial level to trade. As a result, the price was retraced immediately to test the lower range. The XRP buyers tested twice in both ranges since February 9. This, constitute the parallel channel helping investors to take informed decision near highs and lows.
Currently, the price could attempt to bounce back as the price approaches the reliable support level. A resurgence in the buying order could make the buyers take out Tuesday’s high of $0.70. Further, the sustained buying pressure could push toward the next destination at $0.80 followed by the psychological $0.90.
On the contrary, a daily close below the low of the session would invalidate the bullish outlook for the pair. In that case, an interim support could be located around $0.55.
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Technical indicators:
RSI: The relative strength index (RSI) hovers in the oversold zone, which suggests a bounce-back could be expected.
Moving Average: The 50-day EMA (Exponential Moving Average) stands near $0.75 keeping upside pressure on the price.
As of press time, XRP/USD is exchanging hands at $0.64, down 0.67% for the day. The eight largest cryptocurrency’s 24-hour market cap is sustaining at $1,538,917,281.
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