Ripple’s (XRP) price extends the previous session’s decline on Thursday. XRP tested the crucial support zone around $0.60. Today’s sell-off in the crypto market is sponsored by Russia’s all-out invasion of Ukraine sending shock waves across global financial markets.
- Ripple (XRP) edges lower on Thursday amid the Russia-Ukraine war.
- Expect a fall toward January’s lows if closes below $0.62.
- The 24-hour trading volume stands at $4,299,023,371 with more than 60% gains.
As of press time, XRP/USD is trading at $0.65, down 5.60% for the day.
In the latest development, a large batch of XRP has been transferred by anonymous Bithumb users to an unknown wallet as reported by the WhaleAlert transaction tracking service. According to the website, nearly $80 million worth of coins were transferred.
However, XRP largely remained unaffected by the movement as it failed to resist the general trend of the market.
XRP might lose another 17%
On the daily chart, Ripple’s (XRP) price fell below the $0.7 psychological level in the recent price action.
As the selling pressure continues with the increased trading volume investors getting prepared to revisit the lows made on January 24 at $0.55 before a bounce-back is expected.
Alternatively, if the price respect the crucial support level near $0.65 it has the potential to jump back to the 50-day EMA (Exponential Moving Average) at $0.75.
Further, a resurgence in the buying order would motivate the bulls to take out the horizontal resistance level at $0.87.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) is currently reading at 39 while approaching the oversold zone. It is expected to fall further lower before a bounce-back is expected.
MACD: The Moving Average Convergence Divergence (MACD) has just fallen below the midline with increasing selling momentum.
The post Ripple (XRP) Price Prediction: XRP Test Weekly Lows Near $0.60, Downside Risk Remains Intact! appeared first on CoinGape.