XRP failed its breakout and is now under $1.4. How low will sellers take it?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1.2, $1
Key resistance levels: $1.4, $1.6, $2
Breakout Failure Led to Reversal
Initially, XRP broke above the blue pennant, triggering a bullish move and optimism. However, since then, the price fell back into the pennant and also broke below the key support at $1.4.
This price action could be interpreted as a bullish trap with a full reversal that puts sellers in charge. As long as $1.4 acts as resistance, lower lows are likely with $1.2 and $1 as key targets for bears.
Sellers Return
With the price unable to hold above $1.4, the chart turned bearish, and sellers have the upper hand right now. The drop under $1.4 was due to increasing sales volume, which gives confidence in this move.
If the price falls below the blue pennant, XRP is likely to make new lows and will probably struggle to contain selling pressure. Buyers could, however, make a stand around $1.2. Any failure there would open the way to $1.
MACD Showed Weakness
During the initial rally, the MACD formed lower histogram highs. This was an early bearish divergence, showing buyers don’t have the strength to sustain this uptrend.
This weakness was now exposed by the price, which failed to hold above $1.4. Moreover, the MACD moving averages are curving down and may soon do a bearish cross, which could keep the chart in a downtrend for some time.
The post Ripple (XRP) Price Predictions for This Week appeared first on CryptoPotato.
This articles is written by : Fady Askharoun Samy Askharoun
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