Ripple Continues to Plunge; When Do We Get a New Impulse Move on XRP Price?

The post Ripple Continues to Plunge; When Do We Get a New Impulse Move on XRP Price? appeared first on Coinpedia Fintech News

After the historic win over the SEC, it was believed that the XRP price may rise to surpass the barrier of $1. Unfortunately, before marking highs above these levels, the bulls lost their strength, allowing the bears to amplify their actions. The trend that began to drop is plunging to date and is believed to shed some more gains before deciding on the next price action. 

The XRP price in the past 24 hours has shed more than 4% and is struggling to sustain above $0.6 since the early trading hours. The expectations of the traders appear to have waned, which has adversely impacted the price. Presently, the price is stuck in a narrow range with acute bearish pressure accumulating, indicating the bearish action may continue for an extended period. 

The XRP price held the 50-day MA levels as strong support for over a week. Unfortunately, the fresh bearish action dragged the price lower, which seemed to have confirmed a descending trend. However, the 100-day EMA offered a strong base, which triggered a healthy rebound. Although the price has risen slightly above the crucial support, the bearish clouds continue to haunt the rally as the price has not let out a confirmation of a reversal. 

Besides, the Stochastic RSI has continued to hover within oversold levels since the beginning of the month. It has to be noted that these levels have never been trading within the oversold levels for such a long period, which suggests the token’s momentum continues to remain bearish regardless of the fact that trading activity has risen to a large extent during the same period. 

Therefore, the XRP price is required to either surpass 0.5 FIB levels at $0.644 or drop below 0.382 FIB levels at $0.578, which may validate the next price action.