Ripple’s (XRP) price is experiencing a bearish rift after opening higher in today’s session. The supply-side pressure is being reflected by the Relative Strength Index (RSI),which is experiencing a downside momentum after a brief bullish cross-over.
- Ripple price is under selling pressure on Wednesday.
- Expect further downside below $0.60 on a daily basis close.
- RSI trades in oversold zone warns of aggressive bets.
At the press time, XRP/USD is trading at $0.60, down 3% for the day. The 24-hour trading volume stands at $1,106,318,883 as per the CoinMarketCap data.
XRP in a short-term consolidation
On the 4 hour chart, the Ripple (XRP) price has retreated almost 19% from the highs of $0.76 made on January 20. This has coincided with the breach of the 50-DMA at $0.76. The formation of a ‘Spinning’ top’, which is a bearish reversal pattern coupled combined with a 50 DMA breakout intensified the selling pressure in the altcoin.
XRP find support near the double support formation at $0.57 on January 24. The price has been consolidating in a short-term range of $0.57 and $0.65. However, the bulls tested the high level just once.
Furthermore, the price still hovering below the mentioned moving average indicating the continuing selling pressure. Still higher high and higher low formation is visible in the consolidation phase.
A decisive close above the $0.65 mark will see the next upside target at the horizontal resistance level of $0.71.
On the other hand, the Daily Relative Strength Index (RSI) holds at 44 with a bearish crossover. Any downtick in the indicator could invalidate the bullish thesis.
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