Why is the Ripple (XRP) Price Down Today?
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.
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.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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