The technical analysis shows that XRP is on a declining trend with RSI moving sideways along the oversold zone and a trendline having multiple high-price rejection candles. After diving down to $0.32 on November 14 taking support at $0.30, while consolidating between the range of $0.39 and $0.37, Ripple (XRP) failed to maintain the reversal breakout and again plunged below $0.34 witnessing a drop of more than 9% in last 24 hours. At a current trading price of $0.34, although XRP prices witnessed a pullback at $0.34, it could not swing more than $0.35. Making support at $0.30, XRP prices failed to break above the $0.40 resistance level for the last two weeks. Supporting a strong bearish momentum, XRP’s market cap plummeted by 9.60% to reach $18.03 billion in the past 4 hours. Despite XRP 24 hours trading volume surging by 167.44% to reach $1.69 billion, it could not convert into a bullish breakout as most of the traders were engaged in selling.
- The XRP price actions display strong bearishness with a 9% drop
- Prices moving below the 200-day moving average support the downtrend
- The intraday trading volume in XRP is $1.69 billion, reflecting a rise of 167.44%
XRP Technical Analysis
XRP prices maintain a declining trend with a breakout rally approaching the $0.30 support level, due to increased selling pressure. Although XRP grew more than 3% in the last 7 days after sharply recovering from the recent collapse caused by the FTX controversy, the token could not continue the momentum and got trapped in the bearish cycle again. Struggling to sustain the high selling pressure, XRP broke below the 200-day moving average (SMA200). The sideline traders need to wait for the prices to break above the $0.40 resistance and 200-day SMA to get an entry swing.
RSI moving sideways along the oversold boundary projects a high selling pressure in the market, while choppy MACD and signal lines tease a bearish crossover as the bullish histogram loses its strength. The technical indicator shows the continuation of a downtrend in the market as XRP struggles to break above the $0.40 key resistance due to high selling pressure with RSI revolving near the oversold zone.