XRP has been following a downward price movement since early June. In May, the international remittance token fell from $ 1.71 to $ 0.65, but climbed to a high of around $ 1.1 in early June.
Last week, the big picture in the market showed that the XRP bulls had lost the battle. Initially, buyers were targeting profits above $ 1, but the $ 1.1 barrier only depleted them.
This week’s aggressive bearish wave has forced XRP to explore the rabbit hole. Support at $ 0.9 and $ 0.8 did little to stop the decline, so XRP returned to its previous peg at $ 0.78.
Many analysts believe that XRP could fall further in this bearish cycle, although short-term technical forecasts now speak of a more favorable environment. At the same time, the Moving Average Convergence Divergence (MACD) continues to slide into negative territory. In addition, recently the MACD line (blue) crossed the signal line, which is a critical bearish signal.
The Relative Strength Index (RSI), which tracks the trend of an asset and measures its momentum, maintains bearish momentum. Another approach to the oversold area shows that sellers have an edge.
It is difficult to determine the further movement so far, since a barely noticeable positive trend has been outlined on the crypto market. Support between $ 0.78 and $ 0.8 is critical for the uptrend to resume. However, another push south could bring XRP closer to the main May support at $ 0.65.
Daily XRP levels
Spot Rate: $ 0.84
Trend: short-term bearish
Volatility: low
Support: $ 0.78 and $ 0.65
Resistance: $ 0.9 and $ 1.
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