Analysis

XRP Might Continue the Downtrend Based on Technical Analysis

SOFIA, Bulgaria – XRP has been making headlines in the cryptocurrency world due to its ongoing battle with the Securities and Exchange Commission. This issue started in December of 2020, and as of writing, it is still unclear when this issue will end.

This incident contributes to the high volatility of Ripple and mixed emotions from buyers and sellers. While many are keeping an eye on the lawsuit filed by the SEC, the controversy cannot help but create an unsteady dynamic and variations in the coin’s performance.

XRP Might Continue the Downtrend Based on Technical Analysis
A man doing a technical analysis using his computer and mobile phone

Ripple has shown major improvements due to its upward trend in the past few days. Still, several technical analyses are warning Ripple enthusiasts about the possible downtrend it will face in the upcoming days. Bears have continued to pull down the price of Ripple as it had been rejected at the $0.92 critical resistance line. Experts are assuming that the trend will continue to go down.

In the past few days, the buying pressure has made the price go high, which was seen in the sudden peaks of XRP as shown by the candlesticks. However, it seems that now, sellers are gaining the upper hand. Ripple’s key support levels are at $0.6 and $0.5, and its key resistance level is at $0.92 and $1.

After almost gaining 50% per cent of what it lost in April in the 4-hour chart, it did not succeed in breaking the barrier of $0.8 resistance. After that, things started going south for XRP.

XRP Might Continue the Downtrend Based on Technical Analysis
A man choosing between cards that read “buy” and “sell.”

As Ripple continues to face delays in the lawsuit filed by the SEC, it will also continue to face different challenges in terms of keeping its price at a stable level. You might want to stay tuned as well in the case’s progress to be aware of when to buy or sell XRP.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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