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Why is the Ripple (XRP) Price Crashing Today?

Why is the Ripple (XRP) Price Crashing Today?

CryptopotatoCryptopotato2024/04/25 14:19
By:Duo NineMore posts by this author

Ripple’s price is crashing today. Let’s try to find out why.

XRP turned bearish after sellers took control of the price action earlier this month. Let’s examine a few different technical indicators that may provide important insights into where the market is currently at and where it might be headed next.

Key Support levels: $0.43

Key Resistance levels: $0.54

1. Ripple Price Loses Key Support

Unfortunately for bulls, the support at 54 cents was lost and has now turned into a key resistance. If buyers are unable to reclaim this level, then the XRP price has a good chance to revisit the key support at 43 cents.

2. Momentum Turns Bearish

Since XRP made a lower high in early March, the price entered a prolonged downtrend. This culminated with a local low at 43 cents during the crash in mid-April. The bias is bearish, and the 43-cents level must be maintained to avoid new lows.

3. MACD Shows Bears are in Control

The weekly MACD did a bearish cross this month. The moving averages continue to fall, and the histogram also makes lower lows. As long as this continues, there is little hope of a reversal.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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