- As European stocks are dragged, Ripple prices fall below significant support.
- The price of XRP is set to drop by at least 10% in the next session as sold out accelerates.
- The price of XRP is expected to drop by about 18%, hitting a seven-month low.
Ripple (XRP) pricing behavior has hurt investors and is flashing red lights in financial markets. The biggest problem is that the Relative Strength Index (RSI) is firmly in the oversold zone, but the price behavior of XRP is still for sale. This means that the selling demand is so overwhelming that the bulls are unobtrusive and waiting for the decline to continue.
XRP prices scare investors
Ripple prices are below the monthly S1 support level of $ 0.58, and in the process we are trying to set a new 6-month low. The RIP is oversold and trading well as investors appear to be retreating, but the Ripple price movement does not seem to recover immediately. The reason behind this is that the XRP price action continues to sell regardless of the oversold RSI. This is important because the selling pressure is very high and can lead to the sale of an investor’s position.
At the price of XRP, investors will not return to these levels immediately unless they reach a premium of $ 0.52 and even $ 0.48. Indeed, that final level could bring XRP prices to a seven-month low, triggering some investors to return to the scene in search of favorable buying opportunities. The RSI is on the outer barrier of the previously oversold area, so when the bear covers it, it triggers the bear to make a profit, returning to the buyside to close the position and record the profit.
XRP / USD daily chart
Risk-off sentiment has come a long way, pushing some assets to interesting lows. This can accelerate the U-turn of XRP price action without even having to ticktest the basic support level as a prerequisite. This could mean that the Ripple price bounces above $ 0.63, and if the rise continues systematically throughout the week, $ 0.78 could be hit immediately by Friday. This will be the setting for this weekend and next week, as investors are ultimately exploring the potential for long-term rise beyond short-term turmoil.
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