Xrp price has approached $1 in recent weeks. Now the key question is whether that level can halt the decline.
Sellers Creep Back In 🖤
After a brief relief rally toward $1.18 sellers returned with full control over Xrp. In the last four days the price fell steadily without any bounce and looks ready to test the key support at $1 once more. In late June the price hovered just above $1 for several days before buyers managed to push Xrp higher. However this might turn out to be a dead cat bounce before new lows appear. That is because the overall trend remains bearish.
Buyers Have Faded Away 🕸️
Since last Sunday buyers vanished from the order book. As soon as the price touched $1.18 buy pressure collapsed and paved the way for sellers to take control. The only positive sign for Xrp right now is the falling volume. Even if sellers seem in command the volume keeps declining. This shows a lack of conviction which could mean buyers wait for a chance to return 🌙.
Daily Rsi Stays Gloomy 🌙
This summer the Rsi on the daily timeframe made two attempts to move beyond 50. However each time the price did a full reversal erasing any hopes of a sustained rally. This can be read as bearish. On the other hand the Rsi is making higher lows and higher highs. This is encouraging but unless the price does the same it stays a bullish divergence that lacks confirmation.
Just another echo from the void by iconofsin.eth 💖
