Ripple’s XRP has been unable to produce any meaningful recovery throughout the past few days, mostly in line with the rest of the market.
Buyers vanished this week and the price quickly showed it.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Price Back on Support
In late August, XRP tried to make a higher high, but was stopped by sellers. This turned the chart bearish, and the price quickly fell to the key support at 54 cents. The cryptocurrency is also on the verge of closing the past seven days with a 4% loss.
2. Flat Trend Resumes
Since the start of September, buyers have been unable to move the price higher, and volatility is low. This has pushed this cryptocurrency into a flat trend.
The momentum indicators are also moving sideways and are not giving any clear hints on where XRP may go next.
3. Volume Crashed
Since mid-August, XRP’s volume has been making lower lows, which shows that market participants have lost interest. This also explains why the price was unable to move much in the past week.
If nothing changes, sellers have the advantage, and they could soon put more pressure on the key support.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
