XRP broke out of its negative trend in July 2021 after battling the SEC-related progressions affecting its price action. The impact of sector-wise bullish movement on cryptocurrencies helped it uplift above the $1 psychological level in a single rally without any noticeable profit bookings. XRP claimed the $1.40 level daily and lost its value in double digits on the 7th September sell-off.
With a market capitalization of USD 46 billion, XRP has a circulating supply of just 46.72%. As a result, XRP currently holds the sixth position in terms of market capitalization. There has been slight positivity in the last two days, but the overall outlook on a weekly and monthly basis comes out to be negative.
XRP Price Faces Bearish Pressure Near Support
The outlook on XRP is negative and is down to the support levels as per the latest XRP price analysis news. Trading close to support levels shows decreasing buying sentiment, and one should wait for some breakout before taking fresh entries or adding more into one’s portfolio.
Even with the massive loss in a single day that decimated the positive sentiment, the prices remained above $1 on a closing basis. As predicted, the outlook turned negative, and after consolidation for two weeks, XRP again underwent a profit booking. RSI has also taken a detour towards neutral levels but with lesser volumes daily.
The following buying witnessed previous days has again indicated the strength of 100 DMA and 200 DMA. 100 DMA shows $0.88 while 200 DMA shows $0.95 levels. One must wait for XRP to trade above $1 to consider it bullish. Below $1 level, profit booking can be initiated at any moment. Trading above the upper band of $1.12 will indicate extreme bullish sentiment on XRP.
