• #XRP price in the last two days has been noting excessive volatility, falling back below $0.50.

  • All indicators point towards a bearish couple of days for the altcoin still.

  • The next major barrier stands at $0.54, and XRP would need to chart a 15% gain in order to breach it.

XRP price is currently the focus of the crypto market as the #SEC vs. Ripple lawsuit took a turn in favor of the altcoin this week. The release of the Hinman documents raised questions against the Securities and Exchange Commission. The impact of this situation on the token’s price action was expected to be bullish, but fear of uncertainity looming over investors led to a decline instead.

XRP price stuns with a dip

XRP price fell by nearly 8% on June 14, a day after experiencing a whiplash following the release of the Hinman documents. The cryptocurrency did manage to bounce back from the support level of $0.47, trading at $0.48 at the time of writing. However, considering the broader market cues and the price indicators, the altcoin is facing a fair chance of a further decline.

This is visible in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators. RSI fell into the bearish zone, below the neutral line marked at 50.0. If the indicator can flip the neutral line into a support level, the XRP price could bounce back, but that is rather unlikely.

The reason behind this is the broader market bearishness, which also led to the MACD experiencing a bearish crossover. The signal line (red) crossing over the MACD line (blue), along with the increasing red bars on the histogram, suggest bearish conditions for the altcoin.

Thus if the XRP price was to decline, it would find multiple opportunities to bounce back from support levels at $0.47 and $0.44. The latter acts as critical support, and falling below it could push XRP to March lows of $0.42.

However, if the altcoin’s trend flips and XRP price begins recovery, it might take a while to find solid footing since the market is still volatile. The critical resistance for the altcoin is marked at $0.54, which is also the 2023 high, and in order to breach it, a 15% rally is necessary. But once the resistance is flipped into a support level, the bearish thesis would be invalidated.