Ripple price has recorded significant losses over a span of one month; a trend that is likely to continue at least in the short term. A hawkish Fed and decline in global risk appetite has contributed to the bearish outlook.
About a month ago, Ripple price rallied to a level last recorded in December 2021 after a landmark win in its court case against SEC. It has since erased those gains as the latter party seeks to appeal the ruling.
Notably, bitcoin’s outlook is also bearish; a sentiment that may persist for longer. With insufficient buyers, the trend will likely be the same with most altcoins based on the existing correlation with the leading crypto. In addition to the hawkish Fed meeting minutes, the overall decline in global risk appetite has contributed to the cryptocurrencies’ bearish outlook.
Ripple price technical analysis
XRP/USD has failed to gather enough bullish momentum to yield a rebound after dropping to a three-month low a week ago at 0.43055. Granted, it has since risen above the crucial support zone of 0.50000.
Even so, ripple price has failed to break the resistance around the 200-day EMA as seen in its daily chart. Trading below the medium-term 50-day EMA is yet another indication that the altcoin will likely record additional losses in the ensuing sessions.
In fact, on its weekly chart, the two MAs are converging at 0.51360. If the 50-day EMA crosses the long-term 200-day MA to the downside, the resultant death cross will further substantiate the bearish thesis. At the same time, the 25 and 50-day MAs formed a death cross late last week as seen on its daily chart.
In the short term, the range between 0.56070 and 0.50074 is worth watching. Below the horizontal channel’s lower border, I expect ripple price to continue finding support at 0.47000.