#Ripple💰 has been trading in a narrow range since October 1, oscillating between resistance at $0.54 and support at $0.52. As the bearish sentiment intensifies, XRP's chances of a bullish breakout from this range are falling
The price of the Project Ripple ($XRP
) token may fall due to increased selling pressure. Target levels for the coin are shifting downward.
Ripple bears are putting pressure on the price
The negative weighted sentiment on #Xrp🔥🔥 demonstrates the distinct bearish bias that has been haunting the altcoin in recent days. Currently, this indicator stands at -0.08.
Values below zero signal a bearish outlook. This means that more #investors expect the asset's price to decline or are pessimistic about its medium-term potential. This often leads to an increase in bearish pressure.
In addition, XRP's Directional Movement Index (DMI) on the daily chart shows an intensification of the bearish trend. Currently, the positive indicator (+DI) is below the negative indicator (-DI). This location suggests that the downtrend is now more powerful than the uptrend. Accordingly, the selling pressure exceeds the buying pressure, strengthening the bearish bias.
XRP Forecast: falling to $0.46 or rising to $0.54
The negative Elder-Ray index also confirms the above forecast. With a value below zero, it indicates an increase in selling pressure. It is currently at -0.01.
If the selling pressure continues to grow, it will be difficult for the bulls to hold the $0.52 support level. Failure to defend this level could cause Ripple's price to fall to $0.46 or even lower.
However, if the #BEARISH📉 sentiment weakens and new buyers come to the market, XRP could overcome the resistance at $0.54 and possibly rise to $0.63.