XRP's price has declined by 5.4% over the past 23 hours, dropping from around $3.14 to $2.97, suggesting strong selling pressure from retail investors.
Technical indicators:
Moving averages (MA) indicate strong selling as prices trade below short and long-term averages (5, 10, 20, 50, 100, 200).
The Relative Strength Index (RSI) is at 34.65, indicating an oversold area.
MACD is negative at -0.032, indicating downward momentum.
Bollinger Bands show the price touching the lower band, indicating high volatility and a potential near-term reversal.
ADX at 49.08 indicates strong downward momentum.
Support and resistance levels:
The first support at $2.90 represents a vital balance point for investors and traders, and the price's resilience above this level may provide an opportunity for a rebound. The second support at $2.77 is a key Fibonacci level that could temporarily halt the decline, and the third support at $2.35 is a historical level that has seen previous rebounds, representing a major point of interest if selling pressure continues.
The first resistance at $3.12 is a strong selling wall against buyers. The second resistance at $3.29 is another Fibonacci level that represents an obstacle to upward movement. The major resistance at $3.35 is an important psychological and technical point, and successfully breaking it may open the way to higher levels like $3.50 and even $5.00 if upward momentum continues.
Predictions:
Indicators suggest the possibility of continued selling pressure on XRR, especially if the price fails to defend the support level at $2.90. If this level breaks, the price may head toward lower support levels.
In summary, Ripple is now moving between support at $2.90 - $2.77 and resistance at $3.12 - $3.35. Monitoring these levels helps traders identify entry and exit points and assess the strength of upward momentum or selling pressure.
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