Critical days have started for XRP investors. The US Securities and Stock Exchange Commission (SEC) officially accepted Bitwise’s application for XRP Stock Exchange Investment Fund (ETF). However, despite this positive development, the price of XRP was not increased. On the contrary, Altcoin faces strong sales pressure and is at risk of going below the critical support level.
Bear pressure is strengthened in XRP
Ripple, despite the adoption of ETF applications of Grayscale and Bitwise last week, did not show a positive action in the price. On the contrary, he continued the downward trend and approached the lower band of the symmetrical triangle formation. This shows that investors are turning to sale and that the market has negative sensitivity.
In technical analysis, the symmetrical triangular formation represents a process in which the price is consolidated and the volatility is reduced. However, the XRP has declined to the lower limit of this formation with increasing sales pressure in recent days. If this level breaks, it is likely to begin a harsh decline.
XRP is watching under the 20 -day EMA
One of the most important technical indicators that support the decline tendency of XRP is the 20 -day mobile average (EMA). Ripple is currently traded below this level. In technical analysis, when an asset is traded under the EMA of 20 days, the market is predominant and the downward trend may continue.
Staying below this level reveals that investor confidence is weak and the price is difficult to recover. If Ripple cannot exceed this moving average in the short term, the fall scenario will be strengthened.
Critical levels for XRP: Rise or decrease?
The future of the XRP depends entirely on whether the current level of support can be protected. If the sales pressure continues, Ripple may decrease to $2.24. Especially if investors start panic sales, this decrease may be much faster. On the other hand, if a sudden positive sensitivity occurs in the market, XRP can recover again. If the demand increases and the price exceeds the upper limit of the symmetrical triangle, it may test dynamic resistance of $ 3.12. If this level increases, the rise trend may start again.
In the coming days, XRP expects a big break for its investors. Either the rise begins by maintaining support levels, or the sales pressure draws Ripple to much lower levels!
