Ripple (XRP) is close to rebound after Friday’s positive shift in sentiment but does not signal a fundamental reversal as long as it remains below $0.50. Filip, one of the FXStreet analysts, says that the downward movements in the altcoin market may continue due to the continued selling pressure.
A one-week close below $0.50 marks another correction for the altcoin
Ripple price is struggling to make a living as the cryptocurrency market fluctuates. With all the markets’ massive whiplash movements this week, cryptocurrencies are looking bleak against these waves as well. While XRP price is closing further to the downside with no signs of recovery, or at least no test on any of the currently prevailing price limits, the reversal is not imminent and the lack of interest is making XRP price bleed further.
XRP price is therefore looking for another round of correction or a sharp bearish move where the pressure will rise again above $0.3616, which traders may have over the past week. determined. But another test may be too much, as the baggage of geopolitical concerns and moving parts in the markets becomes too large to handle. While the monthly S3 is only at the $0.20 psychological level, another break below $0.3616 can be expected this time for $0.1729 to kick in.
What does XRP price need to bounce back?
The best and ideal scenario for a U-turn move would be a one-week close above $0.4974 and a price open on Monday in the small triangular room between this key level and the red descending trendline. The bulls will use the lever as an entry level and build momentum for an upside break, puncturing this red descending trendline and eventually triggering a massive influx of investors as something important has changed after weeks of selling. While there are still bearish forces with the death cross formation and border action of the 55-day SMA, at least space has been created for more upside action.
Conclusion
Filip, whose analysis we shared as cryptokoin.com , expects more downward pressure as the bearish pressure on XRP has not eased.
