Chart by TradingView
XRP is approaching a key support level after losing most of the gains from last week.
Key Support levels: $0.75
Key Resistance level: $0.89, $1
XRP broke below the critical level at $0.89 on Tuesday when most of the crypto market took a downturn, as Bitcoin plunged below $50K. Now, the key level – $0.89 – has immediately turned into key resistance. On the other hand, the next support is lies at $0.75. As long the overall market sentiment remains bearish, XRP is likely to retest this key support level.
Trading Volume: This correction has seen a decreasing amount of volume, which indicates a lack of conviction from sellers. Nevertheless, the XRP price has dropped significantly due to a lack of buy pressure.
RSI: The daily RSI has dropped below the 50 points level, and the momentum is clearly on the bearish side.
MACD: The daily MACD is about to go through a bearish crossover as long as this short-term downtrend continues. The histogram and moving averages are just a few days away from turning into the negative side.
The current XRP bias is bearish, and a retest of the critical support is very likely considering the current market conditions.
XRP has failed to maintain its price from the most recent rally and erased weeks of gains. XRP was badly affected by the overall sentiment, which places it on a clear path back to the next critical support level at $0.75.
