XRP price was stable for most of the day today, changing hands around $0.6200. The XRP/USD chart shows momentum moving between losses and gains on the last day of the week.
At the time of publishing our article, the Ripple token was in the price range seen on Saturday. In the last hour, the XRP market has movements supported by positive news.
The Securities and Exchange Commission (SEC), as it is known, is struggling to prove XRP as an unregistered security. But he has not yet found sufficient evidence for this. However, despite this positive news, the altcoin, which moves with the market dynamics, has not been able to get rid of the downward pressure so far.
XRP technical view?
XRP is flat in a tight price range. The bearish 21-day Simple Moving Average (SMA) is currently testing $0.6247. However, the upside potential seems to be limited.
If XRP buyers fail to break the $0.6247 level, it may be difficult to move to the next target zone of $0.6510-$0.6520. The $0.6510 to $0.6520 level for XRP is extremely important as it is almost where the 50-day Simple Moving Average (SMA) is located. At the higher price levels for Ripple, buyers may struggle to reach the $0.6600 price level.
XRP/USD 4-hour price analysis
However, the downside could continue as the XRP Relative Strength Index (RSI) is still hovering below the critical 50 level.
In addition to the last downtrend, if it falls below the 50-day SMA and the 100-day SMA, it can be interpreted as a bearish signal by the market. Next, we could see a test of the downside psychological level of $0.60000 immediately.
The next important price level is $0.5917, the July 9 low that is expected to give XRP bulls some respite. Considering the bearish trend, XRP’s downside seems to be easier compared to its northward move.