Three Important Factors to Consider in the XRP Price in the Short Term (Analysis)

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BitTorrent

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Jul 10, 2023
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Three Important Factors to Consider in the XRP Price in the Short Term (Analysis)


XRP entered a downtrend as it failed to break the key resistance. Let’s examine a few different technical indicators that can provide important information about where the market is now and where it might go next.​

Key Support levels: $0.48, $0.43

Key Resistance levels: $0.55


1. Price Rejected at Key Resistance


The second attempt to break the 55 cent resistance was rejected by sellers and since then XRP has continued its downtrend. This cryptocurrency is unlikely to reach new highs unless buyers find the strength to break this level.

Chart by TradingView
2. Volume in Free Fall


Since the high in March, XRP’s volume has been declining with consistently lower levels over the past two months. This confirms that market participants are not currently interested in returning to this market.

Chart by TradingView
3. MACD Bearish Cross


To make matters worse, the daily MACD time frame has shown a bearish trend this week. Lower lows are likely to be seen in the future, especially if support falls to 48 cents. Watch for key support as it will be decisive in the next few days.

Chart by TradingView
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Cryptocurrency charts from TradingView.



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