šXRP hits 8-month high, but the selling may be coming.
XRP price recently saw a significant surge, rallying by 40% and reaching an 8-month high. However, the rally appears to be losing momentum, as XRP now faces a potential pullback.Ā
This retreat is largely due to emerging selling signals among investors, signaling a possible shift in sentiment.
On the chart, the overbought RSI indicates that XRPās bullish momentum may be losing steam, and a price correction could follow. With the current conditions suggesting saturation, XRPās price may struggle to maintain its recent highs. This technical indicator further confirms that XRP could be at risk of a pullback on the daily chart, likely affecting short-term investor sentiment.
Despite its recent 40% rally,Ā XRP was unableĀ to close above the 8-month resistance level at $0.73. As a result, the altcoin has already faced a 6% decline, signaling a possible correction phase in the near term.
XRPās next likely support sits at $0.61, a level that has held as support previously. If selling pressure intensifies, however, XRP may fall further to $0.56, signaling deeper corrective action as investors secure profits.
The only way to invalidate the bearish outlook is ifĀ XRPĀ reclaims $0.66 as a solid support level. Achieving this would set the stage for another attempt to breach $0.73, potentially renewing bullish momentum for the altcoin.
