▪️With the token forming its first notable bearish signal since the recent surge, XRP's explosive rally may be coming to an end. The provided chart indicates a lower high, which could indicate that the current uptrend is losing momentum. Indicators of a possible price reversal, such as this development, could result in additional retracement in the days ahead.
▪️Because it frequently signals the start of a downtrend, the lower high signal is especially worrisome for those who are bullish on XRP. There is a chance that selling pressure will increase, since XRP has failed to break its previous peak, especially if volume keeps declining as it has in recent trading sessions. Maintaining a rally requires volume, and a decline in it frequently indicates waning investor interest or profit-taking activity. Investors keeping an eye on XRP should pay particular attention to three crucial price levels.
▪️The first is $2.30, a close-by support level that might hold in the near future. The next major support if this level fails is located at $1.275. This region may serve as a more robust barrier against additional losses because it aligns with the asset's prior consolidation zone. If selling pressure increases past this point though, XRP may test $1.13, which is in line with the 50-day EMA and a crucial psychological support level.
