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XRP Breaks Below $1, Recovery Stalls


Key Support levels: $0.89

Key Resistance level: $1

On 26 November, XRP broke below $1 – following our analysis at the time that anticipated a significant move. With this breakdown, bulls lost a key support level as the $1 level turned into resistance.

The drop in price found good support at $0.89, and XRP is currently attempting a recovery back to $1. It’s interesting to see if the cryptocurrency will recover above this level on its first attempt, as it seems likely that volatility might be inbound.

Chart by TradingView

Technical Indicators

Trading Volume: The volume during the breakdown under $1 was considerable. Since then, the bulls were timid to push prices higher, and the volume remains low.

RSI: The daily RSI made a lower low and is trying to curve back up. During the 26 November drop, the RSI stopped just above the oversold zone at 33 points. Be on guard as the bears may attempt another push lower in the future.

MACD: The MACD continues to be bearish, and the histogram made a lower low on the daily timeframe. This is not good news for bulls. Unless they manage to push and keep the price above $1, it is unlikely the downtrend will end anytime soon.

Chart by TradingView

Bias

The current XRP bias is bearish. As shown by the indicators, the bulls lack the strength to reverse the current downtrend and may need more time for that to happen. Things can brighten up if they manage to get XRP back above $1.

Short-Term Prediction for XRP Price

The bulls suffered a major loss when they could not defend the $1 level. Since then, the attempts to return XRP price to this key level were met with low volume and lack of interest.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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