The price of Ripple ($XRP ) touched $2, remaining stable despite recent turmoil.
Main support levels: $2
Main resistance levels: $2.3, $2.6, $3
1. Stability in the market
On Sunday, the market collapsed after the U.S. bombing of Iran. The price of Ripple $XRP
to $1.9 before recovering above $2, which is also a main support level. At the time of writing this post, buyers seem determined to defend this level, and the price appears stable at this level. This is encouraging, but sellers may return.
2. Momentum is still bearish
Despite the recent rebound, the overall momentum is still bearish on higher time frames, such as daily and weekly. For example, the MACD indicator is declining on these two time frames and shows no signs of a potential reversal. This means that the support level at $2 will remain under significant pressure.
3. The Relative Strength Index (RSI) is in an oversold condition
On shorter time frames, such as the four-hour frame, the Relative Strength Index (RSI) shows that the price of Ripple is in an oversold condition. This is also the reason for the price rebound from $1.9 to $2. However, this may only be temporary before sellers attempt to break the main support level again. If they succeed, the price of Ripple $XRP may drop to $1.6 later.
