After reporting some significant gains at the start of February, Ripple (XRP) has seen a period of price retracement that has given bears the upper hand. This selling pressure continues, and while the coin has stabilised above the $0.7 mark, there is still a huge sell-off risk. Here are some notable highlights:
At press time, Ripple (XRP) was trading at $0.7773, virtually unchanged in 24 hours.
XRP has found strong support at $0.7 over the last few days.
However, selling pressure could bring the token back to $0.6 in the near term.
Data Source: Tradingview
Ripple (XRP) – Price action and analysis
After seeing a decent climb in February, Ripple (XRP) is now reporting some selling pressure as investors lock in profits. Despite this, the coin has found very strong support around the $0.7 mark.
In fact, at the time of writing this post, XRP was trading slightly above that threshold with a price of $0.77. The goal for bulls is to hold the price action above this mark. But there is a huge sell-off risk here.
We expect bears to breach the $0.7 support and push the coin back towards $0.67 in the coming days. This will represent a drop of about 17% or thereabout. Ripple bulls will try to find sufficient demand at $0.6, but we may see further weakness with systemic risks in the broader crypto market due to tensions in Eastern Europe.
Is Ripple (XRP) ripe for investment?
Ranked among the top ten most valued crypto assets in the world, Ripple (XRP) has always been ripe for purchase. There is however some ongoing litigation between the coin and the SEC.
This could pose major risks for short-term buyers. It would be best to see how the lawsuit progresses in the coming weeks before going all-in with XRP.
The post Sell of risks for Ripple (XRP) continue to build – Here is why the coin could hit $0.6 appeared first on Coin Journal.