XRP failed to move higher despite a temporary rebound and fell back to the key support.

Major support levels: $0.58, $0.50.

Major resistances: $0.65, $0.7.

XRP is once again facing a critical support at $0.58 after the price broke out of a consolidation area for the past few days.

After the price drop, the volume is also lower. However, any weakness here could trigger another collapse. Resistance stands at $0.65 and the price is unlikely to test it for the next few days.

Source: TradingView

Technical indicators

Trading Volume: XRP has minimal volume and buyers cannot push the price higher. Volume has also declined since the sell-off on Jan. 22.

RSI: With the recent decline, the daily RSI has dipped into the oversold territory and this shows weakness in the price action.

MACD: The daily MACD is bearish and now the moving averages and histograms are stretching. This signals pessimistic action.

Source: TradingView

The current XRP trend is bearish as the indicators are not showing strength and the bears seem to be dominating the market.

Short term XRP price prediction

After some hesitation and a tight range consolidation, XRP fell back to the critical support at $0.58. If buyers fail to sustain above this key level, a drop to $0.50 is likely. There they have the opportunity to show more power. At the time of writing, the momentum is in the sellers’ favour.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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