After a sharp rise, XRP's price has retraced to the support level of $3, with investors anticipating potential market shifts.
Correction in Progress
After reaching a new all-time high above $3.6, XRP faced selling pressure. The price has corrected and is currently at $3, where buyers are trying to maintain their positions.
Momentum Favors Sellers
On the daily timeframe and below, sellers have the upper hand. This is confirmed by the volume profile, which has seen an increase in sell activity recently. However, it's noteworthy that sell volume is starting to decline, indicating reduced interest from sellers.
Bearish MACD Cross
A bearish cross on the MACD occurred last Friday, accelerating the downtrend. Currently, there are no clear signs of a reversal in this trend, making a retest of the $3 support likely.
The support level at $3 could play a crucial role in XRP's future movement. If this level holds successfully, buyers may have an opportunity to reverse the trend and initiate a recovery.
