XRP, Ripple Lab’s native token, is bullish and seeing red as China’s strict COVID-19 lockdowns bit into the country’s economic outlook. Despite a recovery over the weekend, XRP has been down by 2.30% in the last 24-hours. It is trading at $0.41.
Troubled geopolitical tail risks weigh the crypto market down heavily. Concerns have also been raised about China reporting negative data on retail and industrial production. This has prompted investors to move towards the exit from cryptocurrencies.
As such, XRP is bound to see losses. It expects to see more bearish flow as short-selling will happen around the red descending trend line. XRP enthusiasts say it all comes down to the daily close. They are waiting to see the close either above or below the red descending trend line. Analysts highlighted that the intraday price action will be heavily fought with both the bears and bulls locking horns. There will be whipsawing moves across the trendline throughout the day.
Further downturn for XRP is expected with a test towards the $0.3323 with a much likely slip below $0.30 mark. This is critical for the rest of the trading week. A close above the trend line would push the token to $0.47.
