XRP is closing in on the critical $0.7 support as bulls remain hesitant

XRP has been falling along with the overall market for the past few days and is currently moving towards a key support level.

• Key support: $0.70
• Key Resistance: $0.85

After attempting to start a rally, XRP’s momentum faded and the price quickly plummeted.

It is currently trading just above the critical $0.70 support and seems unable to scale higher. The resistance at $0.85 is quite a long way away and it will likely be a challenge for the cryptocurrency to reach such a valuation unless it can stave off the current downturn.

 Source: TradingView

Technical indicators

Volume: Trading volume stays low when price falls. It is possible that the bears are feeling exhausted after pushing the price lower since November 2021.

RSI: The daily RSI has attempted to make a higher low despite the downtrend. This is the first clear sign of a possible reversal of a downtrend.

MACD: Although the daily MACD is rising, the momentum is not there to sustain the bullish momentum.

 Source: TradingView

Perspectives

The current trend of XRP is neutral. At the time of writing, XRP lacks the momentum to move either way.

Short term prediction

While the RSI offers some hope that XRP may reverse near current levels, volume remains low and buyers don’t seem interested at this point.

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