MADRID, Spain – Ripple continues to go down in price, and a descending triangle is starting to form, which might intensify the decline even more. For the past few weeks, especially when May started, bears have been putting their efforts into pulling the price of XRP down to the nearest support levels, and it seems like their efforts are paying off. As of writing, Ripple is close to its nearest weekly support at the $0.42 mark.
The selling volume overpowers the buy volume, as shown by the Relative Strength Index. The technical indicator shows that XRP is now in the oversold region, decreasing its price. Furthermore, if you look at this indicator, the altcoin’s price is still falling and is not yet done.
Ripple has gone down 27.02% for the past week, which includes its decline of 2.27% in the past 24 hours, as per CoinMarketCap’s report. It is still ranked top 6 of the biggest cryptocurrency assets by CoinMarketCap. Its total market capitalization is around $20.32 billion. XRP is now trading at around $0.41.
As for its trading volume, it also decreased. It sits at $1.77 billion, which is lower by 21.38% over the past 24 hours.
Experts are assuming that Ripple will be in for a bearish trend as two technical indicators cross over each other. The 20 Exponential Moving Average is starting to cross over the 50 Exponential Moving Average in the past few weeks, which sends a strong bearish signal. After the crossover, when the two indicators part ways, it might strengthen the bearish momentum.
Despite the odds being in Ripple’s favour, its price action is another topic to consider. XRP stands against the Securities and Exchange Commission’s accusations, bagging small wins. Still, we are yet to find out how the resolution will impact the overall performance of the altcoin.
