XRP experiences a bearish trend and loses its recent gains as the bears take control of the price, currently trading at $0.451. The price of XRP had surged to $0.4688 on May 19, but the bears dropped it to $0.454 on May 24, and it has continued to decline gradually. The asset is currently in a downtrend, with a second consecutive red candle on the daily price chart with lower lows, and trading below its 50-day Simple Moving Average (SMA). XRP’s Moving Average Convergence/Divergence (MACD) is above its signal line, suggesting a bullish sentiment; however, the MACD displays negative values, and its histogram bars hint at a bearish reversal. Nevertheless, XRP is trading above the 200-day SMA, indicating a bullish trend in the long run.
XRP’s ongoing legal case with the US Securities and Exchange Commission is likely one of the reasons behind the price downturn. Ripple Labs’ attorney, Kylie Chiseul Kim, filed a letter to withdraw as legal counsel for their ongoing case; however, the filings stated that the law firm would continue to counsel Ripple Labs. Despite the short-term bearish sentiment, if the bulls regain control, XRP’s long-term bullish sentiment will likely prevail.
Sources: CoinMarketCap, TradingView.com, Pixabay.
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