$XRP
🚨XRP Coin technical analysis🚨
While Ripple tackles its legal battle with the SEC, an unexpected third party has submitted a filing questioning the interpretation of the Howey Test, raising concerns in the lawsuit. The daily price chart suggests further decline is likely in XRP amidst legal issues.
XRP has consolidated under the $2.7000 resistance for nearly three months. Key support levels are $2.0350, the 23.6% Fibonacci retracement of the decline from the $3.4000 top to the $1.6134 low, and $1.7600, a key support that held for nearly six months.
An 18% drop could see XRP test support at $1.7600 if the altcoin extends losses this week.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a bearish thesis for XRP. RSI reads 39 and is sloping downward, and MACD flashes red histogram bars under the neutral line.
Conversely, key resistances are 38.2% Fibonacci retracement level and the 50% Fibonacci placeholder at $2.2959 and $2.5067.