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XRP Price Faces Bearish Pressure at $2.80 as SEC Appeal Withdrawal Provides Relief
The Ripple (XRP) price has retreated 2.66% in the past 24 hours, trading at $2.80, despite the recent positive regulatory developments resulting from Ripple’s withdrawal of its SEC appeal. This mixed signal leaves XRP traders grappling with uncertainty, seeking guidance on whether to buy or sell the cryptocurrency.
A close look at the technical indicators reveals a complex picture. The Relative Strength Index (RSI) has dropped to 41.53, indicating neutral momentum and an oversold condition. However, the MACD configuration presents bearish signals for XRP, with the main line below the signal line, generating a negative histogram of -0.0257. This suggests continued downward pressure on XRP price in the short term.
Moreover, the Bollinger Band analysis highlights that Ripple is testing crucial support levels. The current price at $2.80 is approaching the lower band at $2.76, making this level vital for bulls to defend. A failure to hold these levels could expose a potential 5% decline from current levels to the stronger support zone at $2.66.
As day traders focus on the $2.80-$2.85 range, they should consider risk management paramount given XRP’s volatile nature. Position sizes should account for possible moves towards the $2.66 level, representing a 5% downside risk from current levels.
In conclusion, XRP price faces critical juncture at $2.80, with technical indicators suggesting continued near-term pressure despite positive regulatory news. Traders must closely monitor volume to determine whether Ripple can maintain the support level at $2.76 or succumb to further weakness towards $2.66.
Source: Blockchain.News
