Ripple (XRP) price is facing bearish conditions as it struggles to hold key support levels. The price action suggests that sellers are in control, and the bearish momentum may continue in the short term.
However, if the trend reverses, XRP could see a push towards higher resistance levels.
XRP RSI is not yet in oversold condition
The RSI for XRP has dropped to 45.30 from above 60 a few days ago. This drop indicates a decline in buying momentum, suggesting that the recent bullish momentum has lost steam.
The current level indicates weak interest, reflecting the continuation of the recent downtrend.
The Relative Strength Index (RSI) measures the speed of price changes, and ranges from 0 to 100. An RSI above 70 indicates overbought conditions, while below 30 indicates oversold levels.
The RSI for XRP is at 45.30, indicating a neutral but declining range, indicating increasing selling pressure.
Chaikin Fund Flow (CMF) is still positive, but declining
XRP’s Chaikin Funds Flow (CMF) has dropped to 0.03, down from over 0.15 a few days ago. This drop indicates a decrease in buying pressure, suggesting that the recent market enthusiasm may be waning.
A decline indicates a shift towards more balanced or even selling activity.
With XRP’s CMF dropping to 0.03, it suggests that the uptrend, which has seen 8% gains recently, is losing steam. This weak buying pressure could mean that a correction for XRP could be on the horizon.
XRP Price Prediction: Is 16.6% Correction Imminent?
Currently, XRP's exponential moving average (EMA) lines are forming a bearish pattern, trading below all moving averages, while the long-term ones are above the short ones.
This pattern shows a continuation of the downward momentum, with sellers taking control and pushing prices lower.
If the downtrend continues, Ripple price may test the support at $0.48, and if this level is broken, it may drop to $0.43. This means a potential price correction of 16.6%.
On the other hand, if the trend reverses, Ripple could target the resistance levels at $0.53 and $0.56. A break of these levels could take Ripple to $0.61, offering a potential 19% upside.
