XRP is down 8% on the weekly chart as bears just tested support at $1.
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1
Key resistance levels: $1.4, $1.6, $2
Price Hits $1
In the past week, XRP fell to $1 after sellers took over the price action. After testing this key psychological level, this cryptocurrency entered a short-term bounce that briefly rallied to $1.18.
Given that XRP made a lower low and the downtrend was reconfirmed, there is a high chance the current support will come under significant pressure in the future. Any weakness there could see buyers retreat even lower, with the next target for sellers found at $0.80.
Sell Volume Increases
With this latest move, the sell volume made a higher high not seen since early February when the price nearly hit $1 as well. This reconfirms the bearish bias because it shows sellers have conviction.
The biggest question is if XRP can hold here or if it’s just a matter of time before $1 also turns into resistance as the price seeks lower levels to attract buyers. However, this could take some time since the chart looks oversold right now.
Daily RSI Oversold
With this latest price drop, the daily RSI reached oversold territory after falling below 20. This suggests that sellers may have become greedy here and could be punished with a more sustained bounce before they regain control.
The moving average on this indicator is also falling. This suggests the RSI could reach oversold levels again later. If at that point it makes a higher low, that could signal a major reversal will follow.
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