Ripple (XRP) has faced strong pressure and has fallen to the support level at $2.7. This article explores key support and resistance levels along with the current market status.
XRP: Low Levels
XRP ended August in a downtrend, reaching the key support level at $2.7, which became a multi-week low. With a lower low confirmed, the current downtrend is likely to continue. However, buyers still have a chance to hold the price at this crucial support as they showed interest when this level was tested last week.
Bearish Momentum Continues
With volume decreasing, only a strong comeback from buyers can reverse the existing bearish momentum. Recently, sellers have dominated trading, creating a significant descending triangle with a base at $2.7. By mid-September, XRP is likely to decide its further direction. If it declines further, strong support will be found at $2.5.
MACD Analysis
On the weekly timeframe, the MACD shows a clear bearish trend with lower highs and declining momentum. It would be impressive to see XRP reverse this selling pressure, considering that the MACD moving averages have been on the verge of a second bearish cross since February.
Overall, the situation in the Ripple (XRP) market remains tense, and further movement will depend on buyer actions and the overall market conditions.
