Why is the XRP Price Down Today?

11.06.2024 / Payment system news

XRP failed to break the key resistance and is now found in a downtrend.

Key Support levels: $0.48, $0.43

Key Resistance levels: $0.54

1. XRP Rejected by Key Resistance

Buyers made several attempts to break the key resistance at $0.54. However, each time they were rejected by sellers. Because of this, the price action has turned bearish in the past week. If nothing changes, the support at $0.48 will likely be put under pressure in the coming days.

Chart by TradingView

2. Bears Dominate

Since last week, bears have dominated price action and volume. Buyers were simply unable to stop the downtrend, and whenever buy volume increased, it was insufficient to stop sellers. For this reason, the support at 48 cents could be challenged soon.

Chart by TradingView

3. Bearish Cross on MACD

The 3-day MACD made a bearish cross and this has encouraged sellers to continue their assault. The next key level of support after $0.48 is $0.43 should XRP stay on this downtrend. Buyers may also retreat there before attempting to make a stand to reverse this price action.

Chart by TradingView

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