XRP lost its support at $3 for a second time in the past seven days. Will bears aim for $2.7 next or can the asset recover?
Ripple (XRP) Price Predictions: Analysis
Key Support levels: $2.7
Key Resistance levels: $3, $3.6, $4
1. Key Support Lost
Last Friday, XRP had a solid attempt to reclaim the $3 support level, but failed to hold it despite surging to $3.1 briefly. In the days that followed, and especially this Monday, sellers returned to take the asset under this key level. If bears manage to turn $3 into a resistance, then the next key support level will be found at $2.7.
2. Momentum Turning Bearish
With clear lower highs, this cryptocurrency is looking bearish at the time of this post. The price action is also forming a descending triangle with a base at the $2.7 support. Should that level be retested later and fail to stop sellers, then XRP will continue its correction.
3. MACD Bearish Cross
The 3-day MACD also supports a bearish bias because in the past week it crossed to the negative side. Moreover, the moving averages have been falling and gained speed in the past few days. This shows selling is intensifying, and this puts bears in control of the price action. Hopefully, the key support at $2.7 will halt this correction.
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