XRP Continues to Move South as it Goes Near the $0.60 Support Level
XRP continues to struggle as it moves south today. From the past week’s progress, its value continues to go down, hitting lower and lower the moving averages. Ripple needs to always be above the $0.60 support line; however, several technical analyses show that Ripple might start hitting that mark already or, worse, lower than it. Once it hits the $0.60 support line, you might start seeing some bearish trends in the upcoming days.
Right now, it is playing at $0.67. Experts assume that when it hits $0.65, it will continue to slide down, possibly hitting $0.60 and lower. Traders keep an eye out for the price to slide to or lower than $0.55 before making more bearish signals at $0.50, $0.45, and $0.40 support levels.
If you’re starting to lose hope or be dismayed about this, you might want to still hope for the better. If Ripple hits the $0.70 resistance line, things could go up again and possibly gain momentum, hopefully reaching the $0.85, $0.90, and $0.95 resistance levels. You might start seeing bulls pulling the trend up
when this scenario happens.
You would also want to look at the selling pressure in terms of its value. If it persists, we could see another wave of low from XRP. The Relative Strength Index is heading down towards the “oversold” region.
What causes XRP to stumble these days? Apart from the highly volatile crypto market, its ongoing battle against the Securities and Exchange Commission plays an integral part in its behaviour in the market. You might be one of the people who keep an eye on the case’s progress; controversies like what Ripple is facing contribute positively and negatively to the performance of any coin in the market.