XRP drops to $2.2 as market turns bearish.
Key Support levels: $2, $1.6
Key Resistance levels: $3, $3.4
1. Bears Return
Over the past 24 hours, XRP’s price fell by 8% and approached $2.2. This has turned the momentum bearish, and the price could easily test the key support at $2 in the coming days if nothing changes. To maintain optimism, XRP has to stop this downtrend at $2.
2. Buyers Remain Shy
In the past two weeks, sellers have dominated the volume profile, which is in red. This pushed the price lower, but the key support at $2 remains intact. This provides an opportunity for buyers to return at that level if sellers attempt to break it.
3. Major Bearish Cross
Unfortunately for bulls, the weekly MACD is flashing a major bearish cross, which will be confirmed at the end of this week. If so, the likely outcome will be a continuation of the current downtrend and lower price levels. All eyes remain on the $2 support, which will be decisive. Failure there and XRP could visit $1.6 next.
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