XRP Falls 3% – Are Traders Becoming More Bearish?

On Aug 22, 2023

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XRP price is trading with a bearish bias at $0.5194, 3% down over the last 24 hours. The remittance token is weak as overhead pressure from the moving averages threatens to lower the price. Are traders turning bearish on Ripple?

Ripple Faces Stiff Resistance on Recovery Path

After setting a swing low at $0.4367 on August 17, they embarked on a recovery that saw it reclaim the $0.45 and $0.48 support levels. The bulls attempted to push the price above the 50-four-hour Simple Moving Average (SMA) at $0.5232, but the bears seem very active near this level.

XRP is now trading below the said level with an ascending trendline forming support at $0.5132 on the four-hour chart. A four-hour candlestick close below this level would spell doom for the cross-border payments token with the first line of defense emerging from the $0.50 psychological level.

Additional lines of support would be found at the $0.48 swing low, the $0.45 psychological and the $0.42 central support wall. Eventually, the price could drop to $0.40, bringing the total losses to 23%.

XRP/USD Four-hour Chart

TradingView: XRPUSD

Supporting this grim outlook for Ripple were the positions of the oscillating indicators within the negative territory. The Relative Strength Index (RSI) was facing downward, and its value of 42 suggested that there were still more sellers than buyers in the Ripple market.

The Moving Average Convergence Divergence (MACD) indicator exceeded the zero line. This suggested that the market conditions still favored the bears.

In addition, XRP faced an uphill task in its recovery path. It traded below all the major SMAs which provided areas of stiff resistance on the upside. These were regions defined by the 50 SMA at $0.5232, the 100 SMA at $0.5597, and the 200 SMA at $0.5851. Other roadblocks are found at the $0.55 psychological level and the $00.58 supply zone.

From the analysis above, it is evident that XRP still faces resistance on the upside. This tends to limit the possibility of a sustained recovery for the token. The upside could be capped at the 200 SMA, just below the $0.60 psychological level.

Since there seems to be uncertainty regarding Ripple’s recovery, those seeking to buy cryptocurrency could look into new altcoins in presale with the potential to make good returns in 2023.

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XRP Falls 3% – Are Traders Becoming More Bearish?

Ripple Faces Stiff Resistance on Recovery Path

XRP Alternatives

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