Ripple (XRP) price is up 1% on Tuesday as the crypto markets rebounded from their monthly lows. Most altcoins are up 3%-5% as Bitcoin price is trading above $26,100. Although XRP crypto is also showing some recovery, it still seems to be lagging behind other cryptocurrencies.
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Technical analysis reveals that XRP price is not looking very bullish. The leading digital asset closed the month of August with a 26.75% drop. The negative price action could be attributed to the weakness in Bitcoin and the decreased liquidity in the crypto markets.
XRP Faced Strong Selling After SEC News
In July 2023, XRP coin surged by more than 47% on Ripple’s court victory against the SEC. However, the gains were short-lived as the price action reversed after a few days. In hindsight, it appears that the whale considered the news to be an opportunity to unload their bags at higher prices.
Since then, Ripple price has been down 49% after losing all of its July gains. According to the latest news, the Securities and Exchange Commission (SEC) has filed a mid-case appeal, which is a cause of concern for the Ripple investors.
Ripple Price Prediction Turns Bearish
The 200 moving average acts as a line in the sand for most swing traders. A breakdown below this key moving average on a higher timeframe is considered very bearish. It is evident from the following XRP price chart that the price has broken below the 200 MA on the daily and weekly timeframes.
This breakdown below the key moving average has turned Ripple price prediction bearish once again. If bulls fail to reclaim the $0.525 level on a weekly timeframe, I expect a retest of the $0.41 level in the coming weeks. This would be a 15% drop from the current price level.
In the meantime, I’ll keep sharing updated Ripple analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 12, 2023, 12:53 BST 12:53