XRP, over the last day, appears to be bearish. The cryptocurrency has fallen by 5.3% over the last day and is worth $0.46 after ranging from $0.46 to $0.49 over the last 24 hours.
Ripple coins have been heavily bearish from a medium-term perspective after hitting an important resistance point around $0.5 during the weekend.
The cryptocurrency appears to be bound for an inflexion point around $0.4 that it only managed to rise above last week.
XRP, over the last 7 days, is only up by 0.69%, after falling by more than 5% over the last day.
As stated earlier, the price outlook on XRP has been bearish over the last day and the last week.
After a 4.78% decline in market cap, the cryptocurrency is now left with 23.2 billion dollars as the 6 largest cryptocurrency by market cap.
The facts about XRP's bearishness become especially clear on the charts, although it seems the cryptocurrency is only in for a bearish phase before a bounce to the upside.
Since late September, when the legal battle between the US Securities and Exchange Commission and the parent company of XRP, Ripple Labs became more pronounced, the price of XRP began to rise as the bulls gathered newfound strength.
However, this bullish momentum soon waned, and the resulting price action has printed a symmetric triangle On the XRP charts from a medium-term perspective.
Looking at the 4-hour chart, this formation is seen more clearly.
After a two-week consolidation from late October and early November at the bottom of the triangle, the price of XRP exploded 5% to the upside in a matter of days. It hit the top of the triangle at around $0.51 over the weekend.
However, XRP witnessed a price rejection at this price level ($0.51) and has now reversed its trajectory to the bottom of the triangle ($0.45).
Looking at the recent price action of XRP, it may be easy to conclude that the cryptocurrency is only heading for a retest of the bottom of the triangle before another move to the upside, as illustrated below.
However, judging from how XRP has moved to the top of the triangle and then to the bottom with such sharp price movements, it becomes hard to be sure.
Especially after the two-week range at the bottom of the triangle in late October and the failure of the bulls to cause a bounce against the bears for a whole 17 days.
The RSI on the daily chart has reversed its trajectory to the neutral zone and now sits at 51.3. The RSI signal line also appears to have crossed over the RSI-based Moving Average and can be interpreted as a bearish signal.
The MACD on the daily chart also supports the verdict of the RSI and shows that the bears may slowly be gaining control.
However, the bulls are expected to defend the $0.45 zone with fervor and may even succeed in causing one more bounce to the upside.
When writing, the cryptocurrency trades at the $0.465 zone and continues to advance toward the crucial $0.45 support, where the bulls and bears are expected to decide where XRP goes next.
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