• Key Support Level: $ 1; $ 0.96
• Key Resistance: $ 1.06; $ 1.2

Bitcoin’s decline below $ 60,000 has resulted in most altcoins falling double digits. XRP is no exception with a 15% drop.

This move caused the price to break out of the descending triangle (blue) and drop to the USD 0.95 support range. As a result, the triangle’s support line at $ 1.06 has now turned into resistance and XRP must rise above it to return to the uptrend.

XRP / USDT daily chart | Source: TradingView

Technical indicators

Volume: The volume during this decline was enormous, suggesting that much of the long leverage has been wiped out. If the volume rises as the price falls, it shows the strength of the bears.

RSI: The RSI quickly fell into the oversold territory over the 4 hour timeframe. This suggests that most of the correction has already taken place and any future decline is likely to be less volatile as selling may not be the best trade right now.

MACD: MACD has created a bearish cross and its histogram has turned negative. This action reinforced the bearish signal from the daily MACD. As a result, XRP is unlikely to return to an uptrend in the near future.

XRP / USDT 4-hour chart | Source: TradingView

Perspectives

The short term trend is bearish. This will be revalued when XRP regains the $ 1.06 level.

In the near future, XRP could move sideways around the $ 1 level, keeping an eye on the key support at $ 0.96.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

SN_Nour

According to Cryptopotato

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page