Critical moment for XRP price! What's next for the bulls?

XRP price succumbs to selling pressure, dropping from $0.85 as investors take profits amid a possible 65% drop through September.
The XRP price, which started to give back some of its gains this week, had risen spectacularly after the decision in favor of Ripple as a result of the lawsuit filed against the US Securities and Exchange Commission (SEC) last week.
The judge specifically ruled that XRP sales on exchanges are not securities; This decision has prompted investors to seek exposure to the token, possibly holding hopes of a rally above $1 and towards an all-time high of $3.40 in January 2018.
After an initial break to $0.93 highs not seen since December 2021, XRP price has bounced back to confirm support at $0.7 after extended sideways price action between $0.45 and $0.55.
In the previous analysis, XRP price had regained support above $0.8, but resistance at $0.85 dampened the renewed bullish momentum. Now, XRP is facing a potential major pullback as it traded at $0.7785, down 5% on Friday.
XRP price prediction
The Moving Average Convergence Divergence (MACD) has given the second sell signal in a week, reaffirming the strengthening bearish trend. Short-term traders look out for bearish crossovers, which appear when the MACD line turns blue below the red signal line.
The Money Flow Index (MFI), an indicator that measures the volume of money entering and leaving the XRP markets, shows that sellers have the upper hand. If investors continue down this route, XRP could realign with Bitcoin and Ethereum, usually since the boom in early June.
A period of consolidation will likely begin between the $0.7 support and the $0.8 resistance. The 50-day Exponential Moving Average (EMA) (red) is in line to reduce selling pressure at $0.73 and pressure on primary support at $0.7.
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