XRP’s price has been under the prolonged dominance of the bears. Which has slashed the valuation of the crypto asset to a greater extent. The torrential torments since the start of the year, have brought the price down by 30%. Wherefore, the marketers from the space are now keen on learning about the plausible projections of XRP for the short term.
XRP Now Exposed To Another Round Of Sell-off?
XRP on the daily time frame has been ranging in tandem with the turbulence of the crypto industry. After losing its hold on its crucial support at $0.6561. The altcoin witnessed a steep fall to $0.59 on the 6th of May. XRP price at the time of press is changing hands at $0.5953, with 1.75% losses incurred over the previous day.
While the market cap is hovering around $28,780,531,874. The volumes for the past 24-hours have taken a toll of 28.73%. Which has resulted in the numbers falling to $1,692,263,756. The RSI for the fortnight is presently seeing a close at 35.55 and is showing signs of a drop to the oversold regions at 33.01.
The altcoin had recently posed a rebound to $0.64. But the bears seem to be picking up pace, as the candles are now facing south. With the existence of the 50D SMA, the downside risk to crucial support at $0.5531 continues to persist. Breaking which the next immediate support lies at $0.519. Which could possibly occur over the weekend.
All Work No Play For XRP?
The crypto asset is seen attempting to form a double bottom pattern (also called “W-pattern”) on the daily time frame. If the bulls manage to validate the thesis, a rebound could push the price to $1.28. But the digital coin would have to surpass the intermediate resistances at $0.65, where the 50-D EMA resides. Followed by its crucial levels at $0.917.
Summing up, XRP could possibly witness a fall to its crucial levels at $0.5531. From which it could probably pose a rebound, as it has been in the recent past. That said, the crucial support levels are undoubtedly ideal to mark positions. Successively, if the bulls manage to validate an uptrend the $1 mark could come into sight.