Despite a strong performance last weekend, XRP was unable to stop the ongoing correction.
Key Support Levels: $0.54
Key Resistance Levels: $0.68
1. The price turns around
After briefly remaining at 66 cents, the XRP price made a sharp turnaround and lost most of its gains from late September. This returns it to its starting position. Buyers were simply unable to handle the pressure from the overall market which turned bearish this week.
2. Sellers are back
This drop in prices means that the optimism of a few days ago is gone. Purchasing volume collapsed, and with it hopes for higher price levels. The most important resistance remains at 68 cents and key support remains at 54 cents. Hopefully, XRP can climb back above 60 cents soon.
3. Loss of momentum
This price action is also reflected in the daily MACD, which shows that the moving averages are about to form a bearish crossover. The histogram has also made lower highs over the past four days, favoring sellers at the time of writing.
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