Ripple Price Analysis: Belt Up as XRP Downtrend Just Beginning, Aims for $0.45
- Ripple price barely holds above $0.6 as the RSI accentuates the bearish grip.
- A spike in the age consumed metric by Santiment points toward a massive move in XRP price.
- A bearish signal from the MACD adds credibility to the impeding downswing.
Ripple price tried to break the resistance at $0.7 but in vain. The rejection from this seller congestion zone saw XRP explore the levels downstream, reviving the calls for losses eying $0.45.
At the time of writing, XRP trades at $0.61 amid intensifying overhead pressure. Support at $0.6 is expected to keep the bears’ advances at bay. However, the odds for a downswing continue to gain traction.
Ripple price could end the week in massive losses to $0.45
The Moving Average Convergence Divergence (MACD) adds credence to the pessimistic outlook. This is a technical indicator following the path of Ripple’s trend and calculates its momentum,
At the moment, the MACD on XRP’s chart appears to be flipping bearish in the four-hour timeframe. Note that traders use this tool to identify entry and exit positions presented as the exponential moving average oscillates.
A call to sell Ripple came into the picture when the 12-day EMA crossed below the 26-day EMA. The bearish outlook has also been reinforced by the MACD’s failure to rise above the mean line.
XRP/USD 12-hour chart
A daily close below $0.6 may also trigger massive sell orders because investors could enter into panic mode. Meanwhile, support is expected at $0.5 and may absorb some selling pressure toward $0.45. Notice the downward-pointing Relative Strength Index (RSI), emphasizing the bearish grip on Ripple.
Consequently, Santiment age consumed on-chain metric shows that Ripple is likely to break into a significant move in the coming days. This metric tracks the XRP tokens that have been idle for a long time currently on the move. Spikes in this metric suggests that Ripple is close to a significant move.
Ripple age consumed metric
It is worth noting that the age consumed does not indicate the direction of the impending breakout. However, the overall bearish short-term bearish picture brings to light a potential downswing to $0.45.
What will invalidate Ripple price potential downswing?
The impending breakdown will be sabotaged if Ripple holds above $0.6. Here, market stability will return to the market, allowing buyers the time to increase their entries. On the upside, a break above $0.7 and the 50 SMA resistance may bolster XRP toward $0.8 and $1, respectively.