XRP’s price action turned into a roller-coaster. After an amazing rally, a quick crash ensued.
Key Support levels: $0.43
Key Resistance levels: $0.54
1. Price Makes a “U Turn”
Despite a solid performance in July, XRP lost most of the gains with a 23% crash just this week. At this rate, the price may fall back to the 43 cents support which was the starting point of the July rally.
Chart by TradingView
2. XRP Returns to the Key Support
Without any buy pressure, XRP has no option but to fall back to the 43 cents support in the hopes that buyers will return. This level held well the last time it was tested. The question is if it will stop this crash as well.
Chart by TradingView
3. Bearish Cross on MACD
The two-day MACD did a bearish cross. This is not a great signal, but as long as the key support holds, there is hope that the worst is behind us. The price action favors sellers right now, but this could reverse later.
After XRP rallied by almost 70% from its recent lows, the price entered into a pullback.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Pullback in Progress
This week, XRP nearly reached 64 cents during its rally before sellers returned to put a stop to it. This quickly turned into a pullback which is still ongoing at the time of this post.
Chart by TradingView
2. Key Support Found
Even if sellers seem to have taken over in the last two days, buyers managed to hold firm at the 54 cents support. As long as they can keep XRP above this key level, then the rally may continue later.
Chart by TradingView
3. Bias Remains Bullish
Despite this cooldown in the price action, the bias remains bullish. For example, the daily RSI was overbought, but now it fell back to 60 points which could form a good base for the next leg up. As long as the RSI is above 50 points, the bias leans bullish.
After XRP failed to break above 54 cents, bears took over the price action.
Key Support levels: $0.43
Key Resistance levels: $0.54
1. Downtrend Continues
The rejection at the 54 cents resistance turned into a sustained correction that has pushed XRP closer to its current support at 43 cents. Buyers appear to be waiting right now and have shown no signs of interest.
Chart by TradingView
2. Key Support in Sight
The only hope for XRP is to find good support around 43 cents and attract buyers there again. Whenever it tested that level in the past, the price spiked higher, which generated interest in this cryptocurrency.
Chart by TradingView
3. Major Bearish Cross
Buyers were unable to break the resistance at 53 cents despite multiple attempts. This has encouraged sellers which have now managed to push XRP into a bearish cross on the monthly timeframe. This is a major change in the price action. If June closes like this, then XRP may see a long correction.
