Despite a strong performance last weekend, XRP could not stop the current correction.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Price Makes a U-turn
After sitting for a brief period at 66 cents, XRP’s price made a sharp U-turn and lost most of its gains from late September. This brings it back to its starting position. Buyers were simply unable to handle the pressure from the overall market that turned bearish this week.
Chart by TradingView2. Sellers are Back
This drop in price means that the optimism from a few days ago is gone. Buy volume crashed, and with it the hopes of higher price levels. The most important resistance remains at 68 cents, and the key support remains at 54 cents. Hopefully, XRP can work its way up above 60 cents again soon.
Chart by TradingView3. Loss of Momentum
This price action is also reflected on the daily MACD, which shows that the moving averages are about to make a bearish cross. The histogram has also been making lower highs for the past four days, favoring sellers at the time of this post.
Chart by TradingView