• XRP recovery failed to materialize as the price dropped below 4-hour 200 EMA.
  • A break below the lower line of a symmetrical triangle will bring $0.33 into focus.

Ripple's XRP is losing ground rapidly. The third-largest coin lost over $6 billion of its value in the past 24 hours as the selling pressure has been building since the past weekend. 

At the time of writing, XRP is changing hands at $0.48, down over 4% in the past 24 hours and 18% on a week-to-week basis. Ripple's average daily trading volume dropped to $8.6 billion, while its market cap retreated to $21 billion.  

XRP recovery in danger

Bullish signals on XRP's short-term charts failed to materialize as the token continued moving down and the price slipped below the local support created by the 4-hour 200 EMA and came close to $0.48. This barrier coincides with the x-axis of the descending triangle. 

Based on this technical formation, XRP could still rebound from the x-axis to the hypothenuse at $0.53. However, further recovery may be limited as this barrier is reinforced by 4-hour 50 EMA. Only a sustainable move above this area will invalidate the bearish scenario and bring the recovery back on track.

XRP, 4-hour chart

XRP, 4-hour chart

Meanwhile, if the price breaks below the triangle's x-axis at $0.48, the sell-off will continue towards the estimated target of $0.33 or lower. The next strong support comes at $0.32, as this area served as a significant resistance during the recovery attempt in August. Verifying it now as support would confirm the upside momentum is resumed.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC struggles, while ETH dominates and XRP pursues $2

Bitcoin price having trouble shaking the magnet effect of a critical intermediate-term moving average, despite broader strength in the cryptocurrency market.

More Crypto News

Dogecoin price targets $1 as the chase for high-yielding cryptos accelerates

Dogecoin price strength combined with the complementary volume highlights the continued fascination in the digital token, portending further gains in the days ahead.

More Dogecoin News

SXP rally interrupted raising the probability of 20% decline

Swipe price action in May has been counter-productive for a bullish outlook, as three failed attempts above the August 2020 high have forged a head-and-shoulders top pattern that projects a noteworthy decline in the coming days.

More Swipe News

ETC looks primed to retrace following 260% rally

Ethereum Classic price displays a lack of bullish momentum as it consolidates below $96.94. A 15% pullback to the immediate demand zone that ranges from $72.23 to $79.37 seems likely. ETC will face a make-or-break point around this support barrier.

More Ethereum News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast