- Ripple price has tested but failed to break through the daily resistance level at $0.626, suggesting a potential decline ahead.
- On-chain data presents a bearish outlook for XRP, with a negative OI-Weighted Funding Rate and a long-to-short ratio below one.
- A daily close above $0.626 would negate the bearish outlook.
Ripple's (XRP) price appears poised to give back much of its recent gains after failing to surpass the daily resistance level on Saturday and subsequently dropping 4.23% over the next two days. As of Tuesday, XRP is trading slightly higher, up 1%. On-chain data also supports a bearish outlook, with a negative OI-Weighted Funding Rate and a long-to-short ratio below one.
Ripple price poised for a decline after testing its daily resistance level
Ripple price, after being rejected by the daily resistance level at $0.626 on Saturday, fell 4.23% over the next two days. As of Tuesday, it is trading slightly higher at $0.593, up by 1%.
If the downtrend continues, Ripple could drop by 8% from its current level of $0.593 to retest the daily support at $0.544.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are currently just above their neutral levels of 50 and zero, respectively. For bearish momentum to remain strong, both indicators need to fall below their neutral levels.
