XRP is approaching a key support level after losing most of last week’s gains.
Key assistance levels: $ 0.75
Key Resistance Level: $ 0.89, $ 1
XRP broke below the critical level at $0.89 on Tuesday when most of the crypto market took a downturn, as Bitcoin plunged below $50K. Now, the key level – $0.89 – has immediately turned into key resistance. On the other hand, the next support is lies at $0.75. As long the overall market sentiment remains bearish, XRP is likely to retest this key support level.
Technical indicators
Trade volume: This correction saw a decrease in volume, indicating a lack of sellers’ conviction. Nonetheless, the price of XRP has fallen significantly due to a lack of buying pressure.
RSI: The daily RSI has dropped below the 50 points level, and the momentum is clearly on the bearish side.
MACD: Daily MACD is about to cross a bearish cross as long as this short term downtrend continues. The histogram and moving averages are only days away from turning negative.
Bias
The current XRP bias is bearish, and a retest of the critical support is very likely considering the current market conditions.
Short-term prediction of XRP price
XRP has failed to hold its price since the most recent rally and erased weeks of gains. XRP has been badly affected by overall sentiment, setting it on a clear path to return to the next critical support level at $ 0.75.
