According to CryptoPotato, XRP has turned bearish after its unsuccessful attempt to break a key resistance. Several technical indicators provide insights into the current market situation and potential future trends. The key support levels are at $0.48 and $0.43, while the key resistance level is at $0.55.
A second attempt to break the 55 cents resistance was rejected by sellers, keeping XRP in a bearish state. Unless buyers can muster the strength to break this level, it is unlikely that this cryptocurrency will reach new highs.
Since the most recent high in March, the volume on XRP has been consistently falling, with lower highs over the past two months. This suggests that market participants are currently not interested in returning to this market.
Adding to the bearish outlook, the daily timeframe Moving Average Convergence Divergence (MACD) made a bearish cross this week. This indicates that lower lows are likely in the future, especially if the support at 48 cents falls. The key support level will be crucial in determining the market direction in the coming days.
It is important to note that the information provided should be used at one's own risk. Individuals are advised to conduct their own research before making any investment decisions.
