XRP price exhibits a negative trend as it fell on Wednesday following the previous few sessions of consolidation. The downside pressure could prompt XRP to lows that extend from February. In the short term, the price continues to hover in a trading range of $0.65 and $0.90.
XRP price faces the challenge to overcome a crucial upside hurdle at $0.80.
More downside on the offer if gives a daily close below $0.75.
Further, the descending trend line acts as a resistance barrier to XRP price.
XRP price glides in a trading range
XRP price fell 55% from all-time-highs made on November 10 and set a range extending from $0.80 and $0.62. SOL has been trading in a short-term trading range since December as the price oscillates in between the pre-defined boundaries. In general, such kind of range-bound moves sweep one side before tilting and making a run to the other side.
On the daily chart, the XRP price deviates above the range high on December 23 before turning a 34$ downswing. The move tested the swing lows from where the XRP buyers pulled up the demand.
Currently, the bearish market sentiment is supported as the price remains pressured below the critical 50-day exponential moving average (EMA) at $0.78. In addition to that the bearish sloping line, which is extending from the highs of $1.34 weighs on the bull’s prospects. As they failed to move beyond the upside barrier on March 29.
Now, an increased selling pressure would drag the price toward the lower range extending from $0.68 to $0.62.
While things look pessimistic for XRP price so far, a renewed buying pressure would pierce both the upside hurdle resistance hurdles in meeting the upside target at $0.85 and $0.90.
Both the momentum oscillators, namely RSI and the MACD skewed on the negative side.
As of writing, XRP/USD reads at $0.75, down 3.12% for the day.
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