XRP fell back under $3 after a market-wide flush. Will it continue to lose value?
Ripple (XRP) Price Predictions: Analysis
Key Support levels: $2.7, $2.5
Key Resistance levels: $2.9
1. XRP Revisits Key Support
In the past 24h, the crypto market suffered from the largest liquidation event this year. This has taken XRP’s price back under $3, all the way to the key support at $2.7. Buyers need to defend this level if they want to stop a downtrend from forming.
2. Momentum Turns Bearish
With buyers on the defensive and lower lows confirmed, sellers have the upper hand. While they did not manage to break the support at $2.7 yet, this is likely in the future should this momentum continue. The sell volume picking up is also a bad signal for holders.
3. Bearish Cross on MACD
This recent drop in the price has turned the daily MACD bearish, with the histogram moving to the negative side. With this shift to the downside, XRP will have a tough time trying to defend the price at $2.7 since sellers will continue to put pressure. If they are successful, the next key level of support is around $2.5.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
