Ripple price is trading within a horizontal channel for the sixth session in a row. According to CoinMarketCap, its market cap has dropped by 1.33% over the past 24 hours. During this time frame, its trading volume has risen by 25.50%.
As risk aversion continues to shape price movements in the crypto market, the altcoin will likely remain under pressure. In Monday’s session, the crypto fear & greed index is at an extreme fear level of 22. In comparison, it has a reading of 23 in the past week and 21 on Sunday.
XRP has begun the new week within a tight range as has been the case for close to a week now. The upper and lower borders of the aforementioned horizontal channel are at 0.8010 and 0.7509 respectively. At the time of writing, it was down by 1.25% at 0.7691.
On a four-hour chart, Ripple price is trading slightly below the 25 and 50-day exponential moving averages that have converged at 0.7757. It is also below the long-term 200-day EMA.
I expect the bearish outlook to persist in the short term. From this perspective, the formed horizontal channel will be one to look out for. A decline past the current support level will likely place it at 0.7274. A further decline will have the bulls defend the support at 0.7000.
On the flip side, a rebound past the upper border will likely place the resistance level along the 200-day EMA at 0.8285. Even with the probable rise, I expect Ripple price to remain under pressure and trade below the crucial level of 0.9450 in the ensuing sessions.
This post was last modified on %s = human-readable time difference 12:02