Ripple Price Analysis: XRP Facing Crucial Support Level As Bears in Control

XRP failed to push higher despite a temp recovery and dropped back towards the key support.

Key Support levels: $0.58, $0.50

Key Resistance level: $0.65, $0.70

XRP is facing once again the critical support level at $0.58 after the price broke down from its consolidation phase over the past few days.

This drop was followed by low volume; however, any weakness here may trigger a further breakdown. The resistance sits at $0.65 and is unlikely to be tested sometime over the next few days.

Chart by TradingView

Technical Indicators

Trading Volume: XRP suffers from a minimal amount of volume, and buyers have been unable to move XRP’s price higher. Volume has also been declining since the sell-off on January 22.

RSI: With this latest drop in price, the daily RSI fell into the oversold area, and this shows weakness in the price action.

MACD: The daily MACD is bearish, and now the moving averages and histogram are expanding. This indicates on a bearish price action.

Chart by TradingView

Bias

The current XRP bias is bearish, as indicators show weakness and bears appear to have the upper hand and control of the market.

Short-Term Prediction for XRP Price

After some hesitation and consolidation in a tight range, XRP fell back to the critical support at $0.58. If buyers cannot keep XRP above this key level, then XRP will likely fall to $0.50 where buyers may show more strength. At the time of this post, the momentum favors sellers.