XRP is under immense selling pressure following a rejection at the crucial $0.65 level, which may indicate the start of a bearish market.

Tough Resistance Zone

$0.65 has been a formidable resistance for XRP in recent months. The cryptocurrency faces pressure each time it tries to break through. Currently, XRP is at a decisive $0.50 - $0.55 zone. Some short-term bounce-back may be seen within this range, but the overall outlook remains bearish. If XRP attempts to reverse and challenge the broken wedge, more sellers could push the price to $0.50 or even lower.

Bearish Moving Averages

The XRP price is still below the two key moving averages: the 50-day and 200-day EMAs. This is a bearish formation, indicating further price deterioration. Despite a decisive attempt to break through, strong resistance remains at $0.5739.

Conclusion

As of press time, XRP is trading at $0.5338, showing a 1.33% rise over the past day. Many investors are watching the current dynamics as a potential turning point.

XRP faces pressure following the $0.65 resistance, with the potential for further bearish movement.