Ripple price remains under pressure amid the ongoing crypto selloff. This week, the crypto has declined by over 10% as a reaction to the US inflation data. After the better-than-expected CPI and PPI numbers, investors are now keen on the retail sales data scheduled for release on Friday.
Analysts expect a reading of -0.4% MoM compared to the prior month’s -1.3%. A higher-than-expected figure would likely be a bearish catalyst for cryptocurrencies like Ripple.
At the same time, Ripple price is reacting to the reduced demand from investors. Major cryptocurrency exchanges like Coinbase and Binance have recorded a decline in volume exceeding 40% over the past two months.
XRPUSD technical analysis
Ripple price is trading lower as the crypto selloff continues. As at 17.05 GMT, it was down by 3.62% at 0.5929. Earlier in the day, it hit an intraday high of 0.6230. Since Monday, it has declined by over 10%. On a two-hour chart, it is trading below the 25 and 50-day EMAs with an RSI of 31.
As investors focus on the US retail sales scheduled for release on Friday, Ripple price is likely to find support at 0.5817. Below that level, the next target will be at 0.5000.
In the near term, I expect it to trade within a tight range as it experiences resistance at the psychological level of 0.6000. However, a move above 0.6144, which is along the 50-day EMA, will invalidate this thesis.
Ripple price chart
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