XRP Faces Selling Pressure as Market Momentum Takes a Downturn

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XRP Faces Selling Pressure as Market Momentum Takes a Downturn

  • At the time of writing, XRP is trading at $0.6043, down 2.79% in the last 24 hours.
  • If the price manages to go above $0.65 level, then the price is likely to test $0.68.

Ripple’s Lead Product Manager Jasmine Cooper believes that the upcoming launch of the Automated Market Maker (AMM) on the XRP Ledger (XRPL) would significantly increase adoption and demand for XRP.

Eri, a well-known member of the XRP community, recently posted an interview in which Cooper discussed the possible influence of the AMM on XRP’s operation. There were rumblings in the XRP community that the AMM may alter the tokenomics of XRP.

Experts, such as crypto author Panos Mekras, have disputed these predictions, arguing that XRP’s tokenomics are unchangeable and impervious to fundamental alteration.

Crypto analyst Ali on Twitter has predicted that a comeback to $0.63 or $0.67 for XRP might be triggered by a buy signal on the 4-hour XRP chart, as per the TD Sequential indicator. On a daily time frame, the RSI reading stands at 47. A rating of 47 implies neutral momentum and no apparent direction for XRP’s price, although it is moving towards the oversold area.

Significant Selling Pressure

Investors are becoming more pessimistic as Bitcoin’s price continues to fluctuate, and the overall market momentum turning negative. At the time of writing, XRP is trading at $0.6043, down 2.79% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 21.85%.

Source: CoinMarketCap

The price recently made a failed attempt to clear above $0.72 level and face strong selling pressure. It recently found support at $0.61. However, the price recently broke this key support level.

If the price manages to go above the $0.65 level, then the price is likely to test $0.68 resistance level. On the other hand, if the price goes below $0.59 level then it will likely test $0.57 support level.

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