XRP has been under immense selling pressure after sharp rejection at the important $0.65 level. This rejection resulted in a price drop, which may indicate the beginning of a bearish market. The price is below the ascending wedge pattern, a technical sign of a bearish trend.Tough Resistance ZoneOver the past few months, $0.65 has been a formidable resistance level for the XRP digital currency. Cryptocurrency comes under immense pressure every time it tries to break through it. The price of XRP is now at a decisive zone of $0.50 – $0.55. Some short-term bounce-back may be seen within this range, but the overall outlook still favors a downward directional trend.If XRP tries to reverse and challenge the broken wedge, it would meet more sellers. This could push the price towards the $0.50 support level even lower. Many investors are paying attention to this threshold as the next turning point. As of press time, XRP is trading at <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">$0.5338</a>, showing a 1.33% rise over the past day.Bearish Moving AveragesThe XRP price is still below the two key moving averages, the 50-day and 200-day Exponential Moving Averages (EMAs). This is a bearish formation, indicating that further price deterioration is expected. However, despite a decisive attempt to break through it, there is still strong resistance at $0.5739.<a href="https://cryptotale.org/xrp-faces-bearish-pressure-after-0-65-resistance-rejection/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

XRP Faces Bearish Pressure After $0.65 Resistance Rejection

CryptoTale

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