Ripple’s (XRP) price is facing downside risk failing to extend the previous session’s gains on Wednesday. The heavyweights of the global crypto market Bitcoin (BTC) fell 1.24%, and the second-largest cryptocurrency Ethereum shed 0.57%.
- Ripple’s (XRP) price trades lower on Wednesday amid global volatility and risk aversion.
- XRP faces a downside risk toward $0.70 if the price breaks below 50-day EMA.
- The momentum oscillator gives mixed signals that warn traders of aggressive bids.
As of press time, XRP/USD is trading at $0.76, down 2.88% for the day. The sixth-largest cryptocurrency by market cap holds the 24-hour trading volume at $2,463,626,968 with 24% losses as per the CoinMarketCap.
XRP face upside risk
On the daily chart, Ripple (XRP) price loiters near the crucial 50-day Exponential Moving Average (EMA) at $0.76. Furthermore, the price remains pressured at swing highs of $0.91 retreating nearly 31%.
After testing lows in February at $0.62, XRP faces multiple rejections around the descending trend line from the recent highs.
Now, if the price slips below the mentioned moving average then the first downside target is placed at $0.70. A daily close below the said level will next explore the horizontal support line at $0.62.
Although the current price action seems to be in favor of the bears. However, a spike in buy orders could push the price to test the previous session’s high of $0.80, this will also coincide with closing above the bearish slopping line.
Next, the asset will aim for the critical 200-EMA at $0.85.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) trades just a tad above the average line while reading at 49.
MACD: The Moving Average Convergence Divergence (MACD) hovers above the midline with a bullish bias.
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