XRP’s price has approached $1 in recent weeks, and now the key question is whether that level can halt the decline.
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1
Key resistance levels: $1.3, $1.6, $2
Sellers are Returning
After a short relief rally towards $1.18, sellers have returned and seem to have full control over XRP. In the last four days, the price has been falling without any bounce and appears ready to test the key support at $1 again.
In late June, the price hovered just above $1 for several days before buyers managed to push XRP higher. However, this could turn out to be a dead cat bounce before new lows. That’s because the overall trend remains bearish.
Buyers Vanished
Since last Sunday, buyers have vanished from the order book. As soon as the price touched $1.18, buy pressure collapsed, paving the way for sellers to take control.
The only positive thing about XRP right now is the falling volume. Even if sellers appear in control, the volume continues to decline. This indicates a lack of conviction, which could mean that buyers are waiting for an opportunity to return.
Daily RSI Remains Bearish
This summer, the RSI on the daily timeframe made two attempts to move beyond 50. However, each time, the price did a full reversal, erasing any hopes of a sustained rally. This can be interpreted as bearish.
On the other hand, the RSI is making higher lows and higher highs. This is encouraging, but unless the price does the same, it will remain a bullish divergence that is not confirmed.
Source: CryptoPotato
