Ripple (XRP) Turns Bearish After Recent Attempt to Break Resistance

XRP has shown an additional price drop in the last 24 hours following previous declines.

The altcoin’s daily trading volume has decreased by 24.25% as per CMC data.

In the last 24 hours, the overall crypto market has turned bullish as depicted by the market cap showing a 0.21% increase. The leading cryptocurrency Bitcoin has shown modest price hikes after it slid to the $69K level. On the other hand, the regulatory landscape has depicted some actions as Coinbase reported the identification of FDIC (Federal Deposit Insurance Corporation) asking several banks to avoid crypto. 

Meanwhile, the Ripple ecosystem’s native token, XRP has factored in an additional drop in price by 1.57%. In the past day, the token was trading at an intraday high of $0.5230 before sliding down to a low of $0.5093. At the time of writing, XRP was trading at $0.5115 as per CMC data. 

Zooming out, over the past week, the cryptocurrency has witnessed increased volatility and a price drop of 0.28%. Some of its crucial high price points over the week include $0.5273 and $0.5303 before the altcoin began descending downwards. However, the aforementioned price points indicate a struggle to break resistance beyond the $0.53 level and to rally further upwards. 

Meanwhile, the Ripple firm has been combating the infamous lawsuit against the SEC that has been prolonged for nearly 4 years. Recently, Ripple filed for a cross-appeal following the SEC’s last-minute appeal. 

Where is the XRP Price Headed? 

On analyzing the altcoin’s technical indicators, XRP shows bearish signals. The token’s RSI stands at 40.57 indicating an oversold market situation as per TradingView data. Additionally, in the Moving Average Convergence Divergence (MACD), the signal line stands below the MACD line suggesting a negative trend. 

Inferring these technical indicators, the XRP price shows potential for further declines. If the altcoin has to witness upward movements, it has to attempt price recovery utilizing the current positive momentum. 

Additionally, Ripple’s impending lawsuit has also caused fluctuations in the token’s market price. Meanwhile, other cryptocurrencies such as Solana have shown modest price increases. 

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