XRP is down 10% on the weekly chart, with the $1 support on sight. Will buyers return there?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1
Key resistance levels: $1.3, $1.6, $2
Sellers Eye $1
After the bearish retest of the $1.3 resistance, sellers returned in force and now appear ready to revisit the key support at $1. XRP also had a rough week so far after the price fell by 10% at the time of this post.
With buyers absent, this cryptocurrency will have to fall lower to find them. The first key level at which they may return is $1. In early June, the price bounced on this level, but a re-test would show sellers mean business and could even take XRP below it.
Sustained Sell Volume Sends the Price Lower
The bounce in mid-June was short-lived, and sellers returned to dominate the chart and volume profile. A candle count on the daily timeframe since the start of June shows that sellers have controlled the price for 18 of 26 days.
This trend is likely to continue until support is found. While the key psychological level at $1 is likely to provide some relief, a re-test can be interpreted as bearish, with sellers keen to push the price below it.
Daily RSI Rejected at 50 Points
Another signal that buyers were losing control over the price was evident in the daily RSI, which was rejected at 50 points. The indicator quickly fell further after that, indicating weakness in price action.
To be bullish, you want the RSI to stay above 50 and range above it. To be bearish, you want it to stay under 50 and range in that bottom half. Unfortunately for XRP, the latter is the case. As long as this continues, the bias remains bearish.
The post Why Is the Ripple (XRP) Price Down This Week? (June 23) appeared first on CryptoPotato.
Source: https://cryptopotato.com/why-is-the-ripple-xrp-price-down-this-week-june-23/
