Despite a solid performance over the weekend, XRP was unable to avert the ongoing correction.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Price Experiences a Reversal
After holding steady at 66 cents for a short time, XRP’s price experienced a sharp reversal, erasing much of the gains made in late September. This brings it back to its initial position. Buyers simply couldn’t withstand the pressure from a market that turned bearish this week.
2. Sellers Return
This decline in price indicates that the optimism seen a few days prior has dissipated. Buying volume plummeted, taking hopes for higher price levels with it. The crucial resistance remains at 68 cents, while key support holds at 54 cents. We hope XRP can regain momentum and rise above 60 cents soon.
3. Decline in Momentum
This price movement is mirrored in the daily MACD, which indicates that the moving averages are poised for a bearish crossover. The histogram has also been establishing lower highs over the past four days, favoring sellers at the time of this post.
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