XRP attempt to break beyond the resistance level of $ 2.7 has been imposed with a strong sales pressure, forcing the price to a new decrease. The failure to maintain the bullish momentum has shifted the market sentiment, whereby bears take control and push the altcoin lower. As a result, traders are now looking at important support levels to gauge the next move.
With technical indicators that indicate the growing weakness, the risks of further losses remain high. If Beararish continues, XRP could see an extended drop, where lower support zones test. However, a quick recovery over critical levels could recover bullish hope and prevent a deeper correction.
Bears take control of: XRP moves to lower support levels
The upward run of XRP has lost the momentum after a strong rejection at the critical resistance level of $ 2.7, which shifts the market control back into the hands of the bears. The inability to maintain an upward breakout has caused an increased sales pressure, forcing the price in a downward route. With Beerarish sentiment reinforcement, XRP is now getting closer to the most important support zones that can determine the next phase of price action.
Technical indicators offer additional confirmation of the Bearish front views of XRP, in particular the fact that the price is traded below the 100-day simple advancing average (SMA). The 100-day SMA is often seen as a crucial long-term trend indicator, and when the price is consistently below this level, this suggests that the overall trend weakens or shifts to a bearish phase.
In combination with this, the RSI, who had tried to recover, began to refuse again after he has not reached the 50% threshold. This suggests that sellers get the upper hand. If the downward trend continues, XRP can be confronted with a test of lower support zones, making the next few trade sessions crucial in determining the direction.
Most important support levels to see if the sales pressure is increasing
As the sales pressure is increasing, monitoring important support levels is that can determine that the next movement of XRP has become crucial. The first significant level to view is the $ 1.9 support zone, which previously provided a pillow for the price during pullbacks.
A break below this level would indicate an acceleration of the negative trend, which leads to a test of the $ 1.7 point, another critical support area. If the price falls below $ 1.7, XRP can be in a deeper correction, which may be on its way to the $ 1.3 support area.
However, an increase in the power of bulls of one of these important support levels would cause the start of a possible reversal for the Altcoin. A struiting of the support zones of $ 2.2 or $ 2.0 may indicate that buyers intervene to defend these critical levels, offering sufficient strength to push the price back to important resistance zones.