The Bears Attack. Is XRP Now Trapped? The Price Of Ripple May Continue Its Decline
In the past few weeks, the Ripple cryptocurrency has not shown any positive changes in the price movement. XRP stopped in one place and does not seem to have enough strength to jump over the $0.22 line. Cryptanalysts are making disappointing predictions for XRP shortly, as the bears grabbed onto the third-largest crypto asset and are not going to give in to the bulls.
XRP is weak and does not attract investors yet
Technical indicators of the market behavior of the crypto asset are not in favor of XRP. This is seen in the daily moving averages of 50 DMA and 200 DMA, which are now moving parallel to each other. Also, cryptanalysts noted that XRP has a strong resistance region at the level of $0.244 and $0.283 and, accordingly, cannot yet overcome them. According to the technical chart, XRP is focused on the movement in a downtrend, bullish impulses are not traced at all in the short term.
XRP is likely trapped by bears, their strong influence on the price may become a determining factor for cryptocurrency in the next few weeks. XRP is losing credibility among investors, as for now, sellers, not buyers, are setting the tone on the cryptocurrency market.
Bears are determined
Since the bulls were unable to push the XRP up and remained very weak, likely, the crypto asset may not resist the strength of the bears. Crypto analysts predict that the price of XRP may fall to the level of $0.180. If the bears continue to put pressure on the cryptocurrency, XRP may test the support level of $0.146.
Does XRP have a chance at rehab?
Crypto enthusiasts do not discard the ability of the Ripple cryptocurrency to restore their market positions at least slightly above $0.22. Now a lot depends on the price movement of Bitcoin. While the flagship cryptocurrency is stuck in the price range below $10,000, altcoins have a good opportunity for a breakthrough, and XRP is no exception.
Thus, troubled times began for XRP. Technical indicators do not yet predict positive changes in the market condition of the crypto asset. The bit of hope remains for Bitcoin: if the flagship cryptocurrency continues to lose ground, XRP has a chance to brush itself off and build up strength to jump up. If the bears remain strong, we can likely see a record drop in XRP to $0.146.