XRP Slips Into Bearish Zone as It Trades Below 9 EMA and 21 EMA

After a bullish surge earlier in May, the altcoin is showing signs of retracement, struggling to maintain its momentum amid broader market uncertainty.

XRP faced increased selling pressure on Monday, slipping to $2.3686 by 07:15 ET (11:15 GMT). The token had dropped by a slight 0.53% in the last 24 hours.

After a strong run earlier in May, which saw XRP hit highs of $2.5, the altcoin showed signs of retracement as it struggled to maintain momentum amid broader market uncertainty.

On the 4-hour chart, XRP slipped below the crucial 9 EMA and 21 EMA, which were both placed at $2.4005. This drop placed the token in a short-term bearish zone.

The 50 SMA at $2.4633 provided additional resistance, which could hamper buyers' efforts to regain control.

Moreover, XRP traded within the middle and lower Bollinger bands, which hinted at a lack of buying interest. The upper band was at $2.6226, the middle (SMA) at $2.4633, and the lower band at $2.3040.

Relative Strength Index

Momentum indicators also aligned with the bearish trend. The Relative Strength Index (RSI) was at 43.29, compared to the neutral 50 line. This reading indicated moderate selling pressure, but it was still in the oversold zone.

The MACD (Moving Average Convergence Divergence), on the other hand, remained in negative territory, with the MACD line at -0.0103 and the signal line at -0.0146. The histogram showed minimal divergence, which signaled that any bullish momentum was weakening.

From a broader perspective, XRP seemed to be entering a phase of consolidation after its recent rally.

If the price fails to hold the $2.3040 support zone, it could trigger further downside toward psychological levels. On the other hand, reclaiming the $2.40 to $2.46 range would be crucial to signal a potential bullish reversal.

For the time being, XRP faced a crucial test as it attempted to stay above the lower Bollinger band and the $2.3040 support. A rebound above the 9 EMA and 21 EMA at $2.40 could pave the way for a retest of the 50 SMA, ultimately deciding the next move in the prevailing uptrend.