After multiple failed attempts at breaking above the $0.85 resistance, some Ripple (XRP) investors have entered profit-taking mode. As the XRP price loses momentum, can the bulls defend the $0.70 support level? 

The ongoing XRP price rally appears to have lost momentum after hitting a roadblock around the $0.85 mark. On-chain indicators suggest that whale investors could soon succumb to the brewing bearish momentum. 

The XRP Price Rally is Gradually Losing Steam

According to the Relative Strength Index data, the XRP price rally is set to slow down considerably in the coming days. As seen below, after racing to euphoric highs after the positive SEC ruling, the XRP RSI has dropped below the critical 70 mark, hitting 68.24 at the close of July 21.

The Relative Strength Index evaluates the strength and momentum of a price trend. When the RSI angles below the 70 level from above, it suggests the underlying asset is facing growing selling pressure and could be due for a price correction.

Strategic investors may interpret this as a signal to take bearish positions on XRP in the coming days. 

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Author: Ibrahim Ajibade

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