Why is the Ripple (XRP) Price Down Today?

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Cryptopotato2024/08/04 16:00

By:Author: Duo Nine

Let’s have a look at some of the technicals behind the most recent Ripple price crash.

XRP’s price action turned into a roller-coaster. After an amazing rally, a quick crash ensued.

Key Support levels: $0.43

Key Resistance levels: $0.54

1. Price Makes a “U Turn”

Despite a solid performance in July, XRP lost most of the gains with a 23% crash just this week. At this rate, the price may fall back to the 43 cents support which was the starting point of the July rally.

2. XRP Returns to the Key Support

Without any buy pressure, XRP has no option but to fall back to the 43 cents support in the hopes that buyers will return. This level held well the last time it was tested. The question is if it will stop this crash as well.

3. Bearish Cross on MACD

The two-day MACD did a bearish cross. This is not a great signal, but as long as the key support holds, there is hope that the worst is behind us. The price action favors sellers right now, but this could reverse later.

Tags: Ripple (XRP) Price

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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