- XRP/USD spot rates failed to break above the 200-day moving average (MA)
- 4-hour technical setup shows that a price dip is just around the corner
- XRP prices could retract to critical Fibonacci retracement levels
JAIPUR (Coinchapter.com) – XRP bulls are having a tough time keeping the cryptocurrency afloat amid rising selling pressure. Unlike its large-cap peers such as Bitcoin, Ethereum, BNB, the 6th largest crypto asset by market cap, failed to break above the 200-day MA.
Buoyed by buying demand, Ripple’s native blockchain asset started the uphill climb at the London opening bell on July 20. The XRP/USD pair added 17% gains on the heels of the crypto market’s trend reversal. But sellers restricted the run-up near $0.6.
Upsides remain limited as the asset is now looking to log losses on a downside breakout from a bear flag formation.
XRP/USD 4-Hour Technical Setup
The MACD (Moving Average Convergence Divergence) indicator’s bullish wave is nearing its end. Courtesy of sellers who assumed control of the crypto asset’s market momentum since the early morning London trading session on July 23. A bearish crossover looks imminent.
Plotting XRP’s current price action on Fibonacci retracement levels points to the global payment settlement asset dropping to $0.58 (38.2% Fibonacci retracement level). In case bearish pressure ceases to dilute, XRP/USD spot rates could even drop down to $0.56 (61.8% Fibonacci retracement level) and $0.54 (78.6% Fibonacci retracement level).
The aforementioned technical setup is an excellent indication for futures traders to enter near-term short positions on Ripple’s cryptocurrency asset. Although going knee-deep in excessive leverage is not recommended.
Although despite the current bearish sentiment, analysts remain positive.
“Ever so eloquently put, indeed we will most definitely see further bullish swings and an all-time high in $XRP”,said CRYPTOWZRD.
Some have even pointed to the ongoing SEC vs Ripple case coming to an end, in turn ringing bullish bells for XRP.
“…Judge Netburn has enough evidence to bring this SEC VS Ripple case to an end. There is nothing to discover here. The only thing we discovered is that the #SEC of 2020 had no interest in protecting the Investors of USA…”said XRP Trends