XRP price, down 6.9% in the last seven days, is trading at $0.69 on Tuesday. The crypto market is generally bearish, led by Bitcoin price’s 2.2% drop in the last 24 hours. On the other hand, XRP continues to give back the gains, with investors realizing that the run-up to $1 may take longer than they expected.
After bulls failed to sustain the uptrend triggered by the ruling in the long-standing legal battle pitting Ripple against the US Securities and Exchange Commission (SEC) two weeks ago, XRP price sustained a trend reversal from resistance at $0.85 to the ongoing sell-off below $0.7.
The XRP price technical outlook on the daily chart implies that sellers have the upper hand, especially with the Moving Average Convergence Divergence (MACD) indicator flashing a sell signal.
To trade this momentum indicator, traders generally look out for bearish crosses marked by the MACD line in blue crossing below the signal line in red. As the index drops toward the mean line and possibly into the negative region, it assures investors that the downtrend will persist.
Bulls have a chance to arrest the sell-off and regain the ground above $0.7. However, if the XRP price closes the day below the same level, $0.6 could be the next rendezvous point for shorts traders.