- On the chart, XRP showed the tendency for a price drop reaching $2.
- Spot and derivative traders are beginning to sell the asset, adding to the downward pressure it faces.
The past week has been bearish for Ripple’s[XRP], with a 21.08% decline. This phase has continued in the past 24 hours, with the asset dropping another 2.45%.
Based on AMBCrypto’s analysis, there’s a tendency that XRP continues to drop even further, as technical indicators and on-chain market sentiment turned bearish.
Next level established on XRP
Fibonacci retracement lines, a pattern used to identify potential support and resistance levels, show that XRP is in a bearish phase. It has crossed below key support levels at 2.86, 2.69, and 2.53.
At the time of writing, there are two more potential support levels that XRP could trade to before price revaluation.
Whether a decline or further drop would continue remains uncertain.
The potential support levels for XRP to decline are 2.296 and 1.995, from which a potential price bounce could occur.
However, should the support level at 1.995 get breached, then XRP’s price could trade to even lower levels on the chart.
Indicators show a possible fall
Technical indicators show that both the relative strength index (RSI) and the Average Directional Index (ADX) are in the bearish phase and could trend lower.
Currently, the RSI is within the bearish phase, remaining below the 50 mark, with a reading of 37.18.
It is pointing upward, but this could be a minor reclaim before it trends lower as the price falls
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Author: Olayiwola Dolapo
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