Why is the Ripple (XRP) Price Down Today?

19 July 2024

in XRP

Reading Time: 3 mins read

After XRP rallied by almost 70% from its recent lows, the price entered into a pullback.

Key Support levels: $0.54

Key Resistance levels: $0.68

1. Pullback in Progress

This week, XRP nearly reached 64 cents during its rally before sellers returned to put a stop to it. This quickly turned into a pullback which is still ongoing at the time of this post.

Chart by TradingView

2. Key Support Found

Even if sellers seem to have taken over in the last two days, buyers managed to hold firm at the 54 cents support. As long as they can keep XRP above this key level, then the rally may continue later.

Chart by TradingView

3. Bias Remains Bullish

Despite this cooldown in the price action, the bias remains bullish. For example, the daily RSI was overbought, but now it fell back to 60 points which could form a good base for the next leg up. As long as the RSI is above 50 points, the bias leans bullish.

Chart by TradingView

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