XRP Looks Bearish: Can Sellers Push XRP Below $0.500 Mark? 

• XRP coin stays in the downside region and loses momentum.
• Buyers failed to hold gains and were facing rejection near its 50-day EMA mark hurdle.

Amidst the market’s positive sentiments, a bullish wave was not yet triggered in the XRP crypto, and the price was stuck in a narrow range. The XRP price remained sideways in the past few sessions and failed to surpass the 50-day EMA mark.

Amid the XRP vs. SEC lawsuit, XRP continued to trade in the bearish course and persisted in losing gains. The lower low swing remains intact, and the coin has dropped over 20% of gains in the past 45 trading sessions.

Now, if bulls succeed in crossing the $0.7500 mark, a significant bullish rally may trigger, while if sellers succeed in breaking the downside support mark of $0.5000, a possible decline toward the $0.4500 mark can be seen soon.

At press time, the XRP price traded at $0.5267 with an intraday drop of 0.90%, reflecting neutrality on the charts. It has a monthly return ratio of -8.20% and -0.81% yearly, revealing a short-term downtrend.

The pair of XRP/BTC is at 0.00000741 BTC, and the market cap is $29.20 Billion. Analysts are neutral and suggest that the XRP price may continue to hover in the downtrend and remain below the 50-day EMA mark ahead.

Could Bulls Regain Dominance Amidst Downtrend?

Despite the market recovery, investors have not shown their interest, which led to the price decline. Still, the sentiments have not changed yet, and XRP trades in with a bearish bias.

The range-bound moves were spotted on the charts, and buyers failed to cross and sustain beyond the 50-day EMA mark. Nonetheless, the trading volume remained lower, which is a sign of dilemma among the investors.

Source: Santiment

The trading volume dipped over 23.76% to $1.05 Billion, while it ranked at 8th per the market cap. The Relative Strength Index curve is close to the midline region, and a convergence of the RSI line with the signal line was noted.

Per the Fibonacci levels, the token sustained below the 38.2% zone and is trading close to the lower support zone of $0.5000.

A recent tweet cites that the whales are making waves again; over $88.41 Million worth of XRP was transferred from exchanges to wallets in the past hours. Amidst this notable activity, the XRP price continued to slump.

Source: X

Another tweet by @JackTheRipppler indicates that Robinhood bets big on crypto with a $200 Million deal for Bitstamp. Meanwhile, Ripple has already acquired a stake in the crypto exchange Bitstamp.

Now it’s time to list XRP on Robinhood.

Source: X

Weighted Sentiment Looks Positive, While Volatility Remained Lower

Amidst the range-bound moves, the price volatility remained lower, which signifies a decline in the trading activity for the past sessions.

Source: Santiment

Meanwhile, a positive move in the weighted sentiment data was noted, which goes above the midline region, highlighting an optimistic outlook ahead.

Futures OI Data Reflects Short Additions

This week, sellers have shown dominance and are looking to push XRP below the crucial support mark of $0.5000.

The open interest data spiked over 2.32% to $671.13 Million in the last 24 hours, revealing a short buildup activity. 

The immediate support levels for the XRP coin are $0.5000 and $0.4890, whereas the key upside hurdle is around $0.5450, followed by $0.5600

Conclusion

The XRP price is stuck in the consolidation zone and hovers below the 50-day EMA for the past few sessions. Moreover, the trend is weak, and sellers have highlighted their dominance.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Dr. Naveen Singh

Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.