Why Did ripple (XRP) Price Drop Today?
When XRP failed to break above 54 cents, the bears took over the price action.
Key Support levels: 0.43 USD
Key Resistance levels: $0.54
1. The Downtrend Continues
The rejection of the resistance at 54 cents turned into a sustained correction that brought XRP closer to its current support at 43 cents. Buyers seem to be waiting right now and haven’t shown any signs of interest.
Chart by TradingView
2. Seemingly Basic Support
The only hope for XRP is to find good support around 43 cents and attract buyers back there. When it tested this level in the past, the price rose even higher, which increased the interest in this cryptocurrency.
Chart by TradingView
3. Great Bear Cross
Despite many attempts, buyers could not break the resistance at 53 cents. This encouraged sellers who managed to push XRP into a bearish trend on the monthly time frame. This is a significant change in price action. If June closes like this, XRP may see a long correction.
Chart by TradingView
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