Ripple Price Analysis: XRP Drops Below a Critical Support, is $0.50 in Play?
Key Support level: $0.58
Key Resistance levels: $0.70
After a turbulent night, XRP failed to sustain above $0.70 and the price turned this key level into resistance. The next essential support is found at $0.58. The cryptocurrency seems more likely to test this level before any hopes of recovery.
Technical Indicators
Trading Volume: The volume is increasing. Sellers have the upper hand, and buyers seem more likely to step in at lower levels.
RSI: The daily RSI is making lower lows and is approaching the oversold area. Likely to fall much lower before a bounce can be expected.
MACD: The daily MACD is bearish and falling fast. The speed of this drop is intensifying.
Bias
The current XRP bias is bearish.
Short-Term Prediction for XRP Price
With a turbulent market, the cryptocurrency seems likely to fall much lower before stability is found. The first key level of support is found at $0.58. Hopefully, buyers can stop the downtrend at that level.
