Will Ripple (XRP) Continue its Bearish Mood This Weekend?
Aiswarya Gopan • 1 min read
Ripple (XRP) continues to display signs of weakness into weekend trading, falling below the $0.80 level after trading mostly rangebound through the past few sessions. At the time of writing, XRP/USD is trading around $0.79.
It has lost over 5% of its value over the past 24 hours and the selloff in the wider crypto market is contributing to the bearish mood in this digital asset as well. Market leader Bitcoin has also suffered steep losses and is now trading around the $35,000 mark, driving the downbeat mood in the overall market.
Ripple’s XRP is also likely to face additional downward pressure due to an apparent sell-off mood among whales. Recent data from Whale Alert reveals that an unknown whale moved 50 million XRP tokens worth over $39 million from a wallet into a crypto exchange, indicating a possible upcoming sale which could drive further selling pressure.
Meanwhile, there could be some relief coming up for Ripple with several legal experts opining that the SEC case against the company appears to be weakening. While it’s still too early to call, supporters are hopeful that recent developments point to the case going in favor of Ripple, with the SEC’s claim of XRP being a security appearing to get lesser backing.
Key Levels to Watch
The moving averages as well as the MACD indicator are suggesting a bearish bias in the H4 price chart of XRP/USD at the momentum. There seems to be a sliver of hope, however, with the momentum indicator flashing buy.
Although the price sits below the pivot point at $0.88, it is managing to hold above the immediate support at $0.78. A break below this level could open the door for further weakness, possibly all the way down to under the $0.70 level with the next support level sitting around $0.68.