XRP is falling short and it’s been analyzed as sluggish, as the price has been locked between $0.3 and $0.39 for two months, so some think XRP to be in trouble and floating on quiet waters.
XRP is weakening, with a price range of $0.3 to $0.39 which suggests a bearish squeeze.
The price is on the verge of breaking out and falling by 52%.
The bulls’ ability to advance in an upward trajectory is significantly restricted by the present sluggishness that the XRP price is experiencing.
XRP Falling Short
With its characteristic higher highs and higher lows, the XRP structure has appeared bullish on the daily chart. However, it appears that the bulls are not becoming any stronger, which is preventing the price of the token from going in a good direction.
According to CoinMarketCap, the price of the cryptocurrency has fallen by 3.31% and is currently trading at $0.3701.
On the plus side, it recently managed to successfully reverse the 100-day moving average. In spite of this, the price managed to touch the crucial resistance levels of $0.39 and $0.42.
Now, if the bulls are successful in defying the price range mentioned above, XRP is anticipated to go for the 200-day moving average.
From a pessimistic perspective, the token won’t be able to overcome major resistance, resulting in a slide in the key support around $0.33 and a search for a retest in the area.
The price of XRP, which is correlated to Bitcoin, oscillates between the 100-day and 200-day moving average lines. The bears are prepared to defend their important resistance located in the 1700–1800 SAT area and aren’t letting their guard down.
Similar to this, the bulls are refusing to let go of the price barring a decline below the 1500 SAT level. As long as there is a breach or a close above or below the aforementioned zones, there will undoubtedly be sideways movement in the upcoming days.
Possible Danger Of Losing 52% Gains
As the bears rush in to support a breakthrough, pressure is unquestionably growing for the XRP bulls. With the odds stacked against bulls, the price of the cryptocurrency is expected to decline by as much as 52%, wiping all the gains made this summer.
The price of Ripple has been noticed to be struggling during the previous week. And this week isn’t any better either because the price of XRP fell this week compared to the previous week, indicating a massive squeeze.
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