XRP price has currently stabilized at $2 after a recent drop. This article discusses key support and resistance levels, as well as the current momentum.
Buyers Defend the $2 Level
On Sunday, following news of bombings in Iran, the market crashed, and XRP price dropped to $1.9. However, it managed to recover back above $2, which is a key support level. Buyers appear determined to defend this level.
Overall Momentum Remains Bearish
Despite the recent bounce, overall momentum on higher timeframes, such as daily and weekly, remains bearish. The MACD is declining on those timeframes and shows no signs of a possible reversal, indicating significant pressure on the $2 support.
RSI Shows Oversold Conditions
On lower timeframes, such as the 4H, the RSI indicates that XRP is oversold. This is why the price bounced from $1.9 to $2. However, this situation could be temporary before sellers attempt another push to break the key support. If successful, XRP could fall to $1.6 next.
At this time, XRP price remains at a crucial support level of $2. If buyers can maintain this level, it may prevent further price declines. However, the bearish trend on larger timeframes remains relevant.
