Despite a strong performance last weekend, XRP could not stop the current correction.
Key Support levels: $0.54
Key Resistance levels: $0.68
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.
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.
Loss of Momentum
This price action is also reflected in 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.
Final Thoughts
XRP’s recent price reversal reflects the challenges it faces in sustaining momentum amid broader market corrections. Despite a brief surge to $0.66, it quickly retraced back to previous support levels, suggesting that the enthusiasm seen in late September was short-lived.
The inability to break past the $0.68 resistance highlights the strength of selling pressure, with overall market sentiment turning bearish, pulling XRP along with it. Buyers’ failure to maintain the bullish trend further weakens the market’s outlook for the token in the short term.
Moreover, technical indicators like the MACD signaling a potential bearish cross and a declining histogram confirm that sellers currently have the upper hand. The drop in buying volume, coupled with the inability to hold onto recent gains, suggests that any further upward movement will face significant resistance.
XRP’s ability to climb back above $0.60 will depend on renewed market confidence, but for now, the price remains vulnerable to further downside unless there is a shift in market dynamics.
Article Source: CryptoPotato
