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The turbulent state of the XRP market is largely due to Ripple's ongoing legal battle with the SEC. This protracted litigation has created great uncertainty over the token, creating serious market unrest and hindering potential price recoveries.
Although XRP was relisted on major cryptocurrency exchanges after the court decision in favor of Ripple, this did not provide the expected rise. Legal uncertainty continues to weigh on investor confidence and creates a challenging environment for the token.
Impact of General Market Sentiment on XRP
In addition to XRP's difficulties, the general bearish sentiment in the cryptocurrency market is also a problem. Leading the market momentum, when Bitcoin recently dropped to $58,000 and recovered slightly, it clearly reflected the volatility prevailing throughout the cryptocurrency world.
According to data from on-chain analysis firm Santiment, many XRP investors are cutting their losses as the token remains below the $0.5 level. This widespread capitulation is also observed in other cryptocurrencies such as ADA, causing them to become targets of short sellers.
Technical Analysis of XRP Price Movements
In terms of technical analysis, the price trend of XRP is bearish in both the short and long term. On the annual chart, XRP's current trading price is below the 50-period and 200-period simple moving averages (SMA), reinforcing the bearish outlook.
The 50 SMA is at $0.524 while the 200 SMA is at $0.543. Additionally, the Relative Strength Index (RSI) at 38 indicates that XRP is approaching the oversold zone, which could signal a possible market correction or reversal.
The Moving Average Convergence Divergence (MACD) indicator indicates that the MACD line is below the signal line, indicating an ongoing downtrend. However, if the histogram moves towards zero, this may indicate that this negative momentum is weakening.
Resistance and Support Levels for XRP
Key resistance levels for XRP are the $0.50 psychological threshold and the 50 and 200 SMAs. Below, support is established at $0.465, with deeper support located around $0.4, which is one of the lowest levels seen for the cryptocurrency in recent memory.
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