The XRP price has had a tough week. It did try to have a breakout and surge towards $1 But, that wasn’t a success. Instead, XRP has now retested the $0.65 level and slumped to $6.23.
The likelihood of a more rapid collapse from here is greater.
In the last 24 Hours, XRP Price has moved between $0.6208 and $0.6482, showing considerable volatility. The trading volumes have climbed by 12% to $2 billion. Also, the total market capitalization is roughly $28.8 billion, putting it in the sixth position globally.
XRP is now aiming at the support level at $0.58. The 20 SMA line has stayed bearish since 19 May, limiting gains. Now it’s at play again as the price was denied a break above the symmetrical triangle, resulting in an immediate 6.2% drop in XRP.
However, the losses have been minimal as the volatility is low. But, when the volatility increases and the price fails to hold at $0.587, XRP could face its previous low of $0.50 again. Further, in case of a prolonged selloff, The POC of the Visible Range around $0.445 could be activated.
As for RSI(relative Strenght Index), It has managed to stay in bearish neutral territory. On Balance Volume has been steadily declining since 14 April, indicating that selling pressure has consistently outweighed buying pressure.
All the metrics indicate that the XRP market is not yet ready for recovery yet and that the price may fall to lower levels before turning around. However, gains could be limited to the resistance zone of $0.74-0.80 once buyers resurface.
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