XRP touched $2 and is holding steady despite the recent turbulence.
Key Support levels: $2
Key Resistance levels: $2.3, $2.6, $3
1. Buyers Are Making a Stand
On Sunday, the market crashed after the US bombed Iran. The XRP price went as low as $1.9 before recovering above $2 which is also a key support. At the time of this post, buyers appear determined to defend this level and the price appears to hold steady here. This is encouraging, but sellers may return.
2. Momentum Remains Bearish
Despite the recent bounce, the overall momentum remains bearish on higher timeframes such as daily or weekly. For example, the MACD is falling on those two timeframes and does not give any signs of a possible reversal. This implies that the $2 support will be put under significant pressure still.
3. RSI Oversold
On lower timeframes, such as the 4H, the RSI shows XRP is oversold. This is also why the price bounced from $1.9 to $2. However, this could be only temporary before sellers attempt another push to break the key support. If they are successful, then XRP could fall to $1.6 next.
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Cryptocurrency charts by TradingView.
