XRP Loses Strength After Multiple Instances Of Price Failure
Key Points
XRP Breakdown:
The XRP market fell below the support level of $1.93 after a period of consolidation. A high volume of trades indicated the presence of strong sellers.
- Downside Risk: A loss of $1.77 could cause a sharp decline. The next major level of support is at $0.80.
This includes the following technical analysis on the hourly chart for the value of XRP/USD:
Technical Analysis: The hourly chart indicates that the price of XRP/USD has been operating below the short-term moving averages
Price Action
Recent Movement:XRP’s price has contracted from $1.926 to $1.915 in the past day, accompanied by a sudden spike at $1.95. - Resistance Levels: The levels of resistance now are at $1.93-$1.95, which formed resistance after the breakdown Outlook- Fragile Position: The technical position in XRP is fragile as sellers are dominating every rally and there is a lack of buyers at higher levels. - Recover Conditions: There is a requirement for a rapid reclaim with a volume increase of $1.93, which will counteract the present positioning.
