Bitcoin price has plunged drastically and is currently on its path to record a decent recovery. However, the XRP price on the contrary is maintaining a serious downtrend and may plunge more to visit the lower support in a short while.
Additionally, the price also manifests the possibilities of slashing to a large extent. Yet the chances of a healthy rebound also make its room but the path towards the lower support appears to have been laid firmly.
XRP Price Might Fall To $0.8
The XRP price was trading within a falling wedge for almost 3 months and on reaching the apex just flipped to undergo a bullish breakout. No doubt the asset surged high uplift the price from $0.60 levels to as high as $0.91. Woefully as the price was expected to hit $1, the bears quickly jumped in action to restrict the price around $0.81.
The trend for the XRP price is pretty bullish in the short-term while in the mid-term and in the long-term is the total opposite. Moreover, the price is swinging in between the 50-day MA & the 200-day MA levels in both the time frames.
And hence indicating the less volatility of the asset which may compel it to remain within the consolidated range. Even if the asset breaks the consolidation, the probability of plunging down is notably high as buyers are slowly getting exhausted.
The RSI is drowning while the StochRSI is in an overbought region. The MACD showcases a huge selling accumulation. The Average Directional Index is bearish, meaning the rally is getting weaker and weaker.
On the other hand, the bears are currently exhibiting their strength while the bulls remain at a certain distance. And hence most of the indicators are extremely bearish, the XRP price may continue with the downtrend to hit the local support at $0.7 until the close of the current day trade.