Like most cryptos, XRP was also facing trouble of late as it failed to raise its price. The latest price correction has pushed XRP down to a critical support level.
XRP price analysis reveals a potential bearish scenario with the token facing critical support. Despite a recent bullish attempt, XRP bears remained dominant.
According to CoinMarketCap, XRP price dropped 4% last week and 2% in 24 hours. The token was trading at $0.4754 with a market cap of $26 billion.
A descending triangle pattern was observed on XRP’s daily chart. The token was testing its crucial support zone, presenting an opportunity for a rebound. However, failure to test the support could lead to further price decline.
XRP buying pressure was rising, indicated by the spikes in exchange outflow last week. Moreover, XRP supply on exchanges decreased, suggesting buying activity.
After a significant dip, XRP token’s weighted sentiment also improved. A rise in the metric denoted bullish sentiment around the token.
However, XRP indicators were mostly bearish, suggesting a potential drop below its support. Both RSI and MFI registered downticks, while MACD showed no clear bull or bear dominance.
Hyblock Capital’s data showed bearish targets for XRP this week, possibly dropping to $0.445. However, if bulls initiate a trend reversal, the token could reclaim $0.5.
News source：https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-analysis-bears-leading-token-tests-crucial-support-zone-expect.html
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