For some time, the bulls had managed to keep the price of XRP (XRP) over the $0.73 per XRP price, which is the 50-day SMA. However, the bulls were no match against the selling power of the bears who showed their power in the form of creating a huge plummet.
The bears finally managed to push the price of XRP below the 50-day SMA. This way, the bulls got the hint that the bears are not leaving them alone in the field. The bulls got the idea of what the bears may be up to in the upcoming days. Therefore, the bulls will need to exert a lot of buying power in order to push the price of XRP to a higher mark.
If XRP Rebounds from the Price Plummet
As of now, the price of XRP is observing a plummet and it is moving in a negative zone. The trend for XRP is also traveling within the negative territory, which suggests that the negative trend may continue for a long period of time.
However, the bulls may try and make the attempt of pushing the value of XRP to higher figures. The bulls are not eager to keep the price of XRP stagnant, but push it to higher levels to turn the trend bullish for XRP.
If that happens, then the price of XRP may start moving in a higher direction. The RSI may also get moved into the positive zone, which would provide further confirmation that the price of XRP may grow higher.
For this purpose, the bulls will need to demonstrate a tremendous amount of buying power. They will need to sustain the selling pressure of the bears in order to push the trading value of the XRP/USDT pair to a higher mark.
If the buyers keep increasing the buying momentum, the price of XRP may grow up to $0.81 per XRP. If the bulls do not let the bears take the lead during the scuffle, the price of XRP may grow up to another strong resistance mark of $0.85 per XRP.
Once XRP hits another strong resistance mark, the next target for the bulls would be to push XRP to a major resistance point of $0.91 per XRP.
If XRP Keeps Plummeting
On the other hand, if the bears do not let the bulls push XRP’s price over the 50-day SMA, then they may increase their selling pressure. The bears may attempt to push the value of XRP to a lower figure, and the first benchmark they may have in sight would be $0.71 per XRP.
Going forward, the bears may increase their selling power with strong backup from the investors with negative sentiments. This would result in pushing the price of XRP to a lower figure of $0.62 per XRP.