Ripple (XRP) continues its price correction after being rejected at the $3.6 level. This article discusses key support and resistance levels.
Correction Amplifies
After reaching the $3.6 mark, Ripple's price has faced a correction, registering lower highs and lower lows. Recent price dynamics brought it down to the $3 support level, which, if broken, could lead the bears to test the $2.7 support level.
Momentum Stays Bearish
Over the past two weeks, XRP's momentum has turned bearish. Both the MACD and RSI indicators have crossed into bearish territory and continue to make lower lows. This indicates that the correction is ongoing with no signs of reversal yet.
Sellers Dominate
A review of the volume profile shows that in the past 15 days, sellers have significantly dominated by closing five consecutive three-day candles in red. Despite XRP's strong rally prior, the current volume levels suggest potential exhaustion from sellers, which may open opportunities for buyers in the future.
XRP's price continues its correction with key support levels at $3 and $2.7. The current bearish momentum may change if sellers do not maintain their pressure.
