• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Ripple XRP

XRP Bears Prevail As Asset Retreats From Recent Highs

Eli Dambel by Eli Dambel
2 weeks ago
in XRP
Reading Time: 3 mins read

XRP is in the red today, losing grip of its recent gains as the bears act on its price. The bulls had sustained the price momentum driving XRP to $0.4688 on May 19. The asset traded within this range till May 24, when the bears dropped it to a closing price of $0.454.

But today, XRP’s price has gradually declined to the $0.451 level as the bears continue to exert pressure on its price.

More Bearish Trend For XRP

XRP is in a downtrend today, forming a second consecutive red candle on the daily price chart with lower lows. The asset trades below its 50-day Simple Moving Average (SMA), a short-term-bearish sentiment. The 50-day SMA indicates XRP’s average price over a specific period.

Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow?

Also, the Relative Strength Index (RSI) is 46.71 in the neutral zone and descending, further confirming a bearish sentiment for XRP. The RSI has two critical regions the overbought region and the oversold region. RSI values between 70 and 30 are neutral. 

Given the descending line of XRP’s RSI, the asset is entering the oversold region from which a trend reversal is imminent. 

XRP’s Moving Average Convergence/Divergence (MACD) is above its signal line, suggesting a bullish sentiment. However, the MACD displays negative values, and its histogram bars hint at a bearish reversal.

The MACD identifies the trend direction of an asset and is often used to place trades. Currently, it displays a tentative sell signal in the market today. But XRP is trading above the 200-day SMA, suggesting a bullish trend in the long run. 

The altcoin is trading at the $0.4504 support level as the bears seek to push it down. Bearish pressure at the $0.46591 resistance level pushed XRP into a downtrend. 

Ripple (XRP) Bears Prevail As Asset Retreats From Recent Highs
XRP trends lower on the chart l XRPUSDT on Tradingview.com

A further decline will see XRP return to the $0.44446 support level and push it to the oversold region. XRP will likely record more price drops in the short term. 

However, since it is still trading above its 200-day SMA, a long-term bullish sentiment, the bulls will rally again once they regain control of its price.

XRP Updates Might Influence Price Action In Long term

Ripple Labs’ ongoing legal case with the US Securities and Exchange Commission is likely one of the reasons behind XRP’s price downturn. However, as the Ripple CEO said, the case may likely conclude soon.

Related Reading: AiDoge Coin Goes Viral, Rakes In $13 Million In Funding Amid Meme Coin Craze

Ripple Labs Attorney Kylie Chiseul Kim filed a letter to withdraw as legal counsel for their ongoing case. The Attorney is leaving her former employers, Kellogg, Hansen, Todd, Figel & Fredrick P.L.L.C, and Devbevoise & Plimpton LLP. Nevertheless, the court filings stated that the law firm would remain counsel for Ripple Labs.

Featured image from Pixabay and chart from TradingView.com

Tags: bearscryptoRipplesecxrpusdt
Tweet123Share196ShareSend
Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

Related Posts

Ripple

Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

7 hours ago
Ripple (XRP)

XRP Price Prediction: Bulls Aim Big After Recent Surge Above $0.5

5 days ago
XRP

XRP Breaks 2-Year Trendline: Is A 500x Surge On The Horizon?

6 days ago
Ripple (XRP)

XRP Price Prediction: Rally Gathers Pace, $0.55 Target In Sight

1 week ago
XRP

XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement?

1 week ago
XRP

Whales Flock To XRP, Accumulate 52 Million Tokens In Just 3 Weeks – Here’s Why

1 week ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    7 days ago
  • Best Crypto Meme Coin Presales in 2023

    7 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Crypto Enthusiast Considers TMS Network (TMSN) A Great...

    2 hours ago
  • Kava vs. AltSignals. Which Token Has a Better Chance To 10x...

    2 hours ago
  • Investors Troop To Sparklo (SPRK) Amid Binance Coin (BNB)...

    2 hours ago
  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    12 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.