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XRP Price Faces Bearish Pressure at $2.80 as SEC Appeal Withdrawal Provides Relief
The Ripple price has been trading in a tight range lately, and the recent withdrawal of the SEC’s appeal against Ripple provides some much-needed relief for the cryptocurrency. However, despite this positive development, XRP’s current price setup remains precarious.
Current Trading Levels
The XRP price currently sits at $2.80, having retreated 2.66% in the past 24 hours. This pullback follows an earlier surge that saw the cryptocurrency test resistance near $3.10 on August 23. The market is now deciding whether to continue its rally or fall back into a bearish trend.
Technical Indicators
The RSI (Relative Strength Index) has entered neutral territory, suggesting potential buying opportunities if momentum continues declining. On the other hand, the MACD (Moving Average Convergence Divergence) configuration indicates bearish signals for XRP, pointing to further downward pressure in the short term.
Bollinger Bands
The XRP price is currently testing the lower Bollinger Band support, which, if broken, could result in a significant decline. The middle band at $3.02 represents the 20-period simple moving average, and this level must be reclaimed by Ripple to restore its short-term uptrend.
Key Support and Resistance Levels
The XRP/USDT trading pair has hit an inflection point at $2.80. Should the price fail to hold here, it risks falling into a bearish trend. Immediate support lies at $2.76, coinciding with the current lower Bollinger Band level.
Should this level be breached, Ripple could face further selling pressure and reach the more significant support zone at $2.66, indicating a potential 5% decline from current levels.
Conclusion
In conclusion, XRP price faces significant bearish pressure near $2.80. Despite the positive regulatory developments following the SEC’s appeal withdrawal, technical indicators are suggesting continued downward momentum in the short term.
The coming hours and days will be crucial for determining whether Ripple can successfully hold its support or if further weakness toward $2.66 is imminent.
In this instance, it is essential to monitor volume closely, as any sudden increase could signal the start of a new directional move for XRP price.
Disclaimer
This article does not constitute investment advice and should not be taken as such.
Source: Blockchain.News
