XRP Drops 20% For The Week, What Next?

After a severe crash last week, XRP’s downtrend has come to a temporary halt.

• Major support levels: $0.58, $0.50
• Key Resistance: $0.65, $0.70

After a very difficult week, seems to have found decent support at $0.58, halting the downtrend at least for a moment. Resistance is not far away and it comes in at $0.65.

 Source: TradingView

Technical indicators

Volume: Volume is declining after a very sharp sell-off last week. This shows that the bears stopped selling as the price approached the critical support level.

RSI: The daily RSI has recovered from the oversold zone and is trying to reclaim the 30 level. If successful, it would indicate a rally for XRP.

MACD: The daily MACD is still bearish and may require a period of consolidation before a reversal occurs.

Source: TradingView

Perspectives

XRP’s current trend is bearish, but the bears have lost interest in pushing the price lower.

Short term prediction

Price action and technical indicators are suggesting that XRP could consolidate above the $0.58 support in the next few days. Any attempt to recover is thwarted at $0.65.

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