Since October, Ripple’s XRP has been trapped in a tight range between $0.54 resistance and $0.52 support. A bearish sentiment has intensified, reducing the probability of a breakout above this level.
XRP's negative sentiment, measured at -0.08, indicates investor pessimism, expecting price declines. Such negative sentiment typically results in heightened selling pressure, pushing the price lower.
Further confirmation comes from XRP’s Directional Movement Index (DMI), showing the Negative Directional Indicator (-DI) above the Positive Directional Indicator (+DI), reinforcing a bearish outlook.
Moreover, the Elder-Ray Index, sitting at -0.01, signals increasing selling force. Continued selloffs could make it difficult for bulls to defend the $0.52 support, risking a drop to $0.46 if the bearish trend persists.
Conversely, if the bearish sentiment wanes and demand increases, XRP might overcome the $0.54 resistance, potentially prompting a rally towards $0.63.
