A major cryptocurrency called XRP is under constant downward pressure because the market as a whole is weak. The digital asset has been going down a lot because of worries about the economy as a whole, problems with regulations, and general market mood.
Traders and investors are worried about XRP’s short-term success because its price has had trouble holding on to key support levels. As long as the trend is down, using key technical indicators on the 4-hour and 1-day charts to look at XRP’s present market position can help you understand where it stands.
XRP Faces Bearish Pressure
At the moment, XRP is worth about $0.4920, which is 0.63% more than it was 24 hours ago. Even with this small increase, the market value of the cryptocurrency has dropped by 1.06% to over $27 billion, while trade volume has increased by 5.89% to over $1 billion.
On the 4-hour chart, XRP is still below the 100-day Simple Moving Average (SMA), which shows that the price is going down after an unsuccessful attempt to go up. Both the signal line and the SMA are falling from the overbought area toward the zero line, which shows that the Composite Trend Oscillator also sees a long-term drop.
Following a short-term effort to go up, the 1-day chart shows that XRP is trading below the 100-day SMA. The overall direction is still bearish, though, so this is probably only a short-term change. The Composite Trend Oscillator for this period also shows that the bearish trend might be continuing, since both the signal line and the simple moving average are moving below the zero line, which is close to the oversold zone.
If the price of XRP keeps going down, it could reach the $0.4663 support mark. This level could be broken below, putting it to the test at $0.4088. If that level doesn’t hold, it could go even lower to $0.3483.
If, on the other hand, XRP turns around and goes up, it could aim for the $0.5725 resistance mark. If this level is broken, the price may go up even more, trying the resistance level at $0.6697 and maybe even going to higher levels of resistance.
