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
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.
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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