XRP’s price action has been a rollercoaster ride, with a surprising rally followed by a quick crash.
Key support levels: $0.43
Key Resistance Levels: $0.54
1. Price makes a 180 degree turn
Despite a solid performance in July, XRP has given up most of its gains, falling 23% this week alone. In this scenario, the price could fall to the 43 cents support that marked the starting point of the July rally.
2. XRP returns to key support
Without buying pressure, XRP has no choice but to retreat to the 43 cent support in the hopes that buyers will return. This level held up well the last time it was tested. The question is whether it will stop this crash as well.
3. Bearish Cross on MACD
The two-day MACD has made a bearish crossover. This is not a good sign, but as long as key support holds, there is hope that the worst is over. The price action is currently in favor of sellers, but it may reverse later.
