The bears are doing their thing again in the crypto market, and Ripple’s price has failed to escape the bearish tide.
At the time of this writing XRP is trading at $ 0.8776, accumulating a 1% gain in the last 24 hours.
Despite all the bad things around this cryptocurrency today, due to the lawsuit that the SEC made against its founders, the latest price drop is really just a consequence of a general bearish tide in the market.
It is necessary to note that the most recent news regarding the case has been mostly positive for the currency. The most recent was the SEC’s denial of access to Ripple’s legal memorandum, which succeeds in reinforcing the Ripple association’s claim that the SEC failed to warn the company about considering cryptocurrency as an unregistered security.
Because of this, XRP has been playing along with the general behavior of the market, leaving behind the bleeding weeks when demand was just beginning.
To find out where the price of this cryptocurrency is likely to move, below I carry out a technical analysis of it.
Ripple price analysis as bears gain market ground again
Just as BTC managed to get support at $ 31,000 with the recent crash, XRP was also defended by the bulls, finding support at $ 0.8000.
And despite the fact that there is still a clear short-term bearish inclination, the impossibility of the bears to mark lower effective minimums, speaks of exhaustion, and possible bottom of the fall.
Today we see price again visiting that support zone around $ 0.8020, but there is still no really worrisome sign.
Without a doubt, we are seeing the price of Ripple and the market in general in danger of extending losses. But, for a bearish scenario to be confirmed, that support that I name must be crossed.
Until that happens, the larger trend could put pressure at any time. For this trend, the fall in May seems to have meant a simple setback so far, which could soon start the search for new all-time highs.
In conclusion: Losing the support at $ 0.8020, would open the way to higher sales, with the free ground up to $ 0.6075. Recovering the short-term trend, passes through $ 1.1872, which may be signifying the development of a greater impulse, capable of seeking to test the supply zone left by the historical maximum.
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