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June 5, 2023
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XRP Price Preparing to Plunge; Here Are the Levels to Watch Closely

The post XRP Price Preparing to Plunge; Here Are the Levels to Watch Closely appeared first on Coinpedia Fintech News

The recent XRP pullback from the crucial resistance has been impacting the rally negatively as the prices have failed to regain their strength. The volume, which had soared notably, has again dropped to a large extent, which indicates the loss of interest among the traders in the asset.

The interim push had lit a lot of hopes that the price would maintain a fine upswing and eventually hit $1, but the price drop laid the rally to react negatively, squeezing out enormous profits. 

In the present scenario, the possibilities of a continued bearish trend may prevail as the prices may begin to consolidate towards the south. The price is believed to drop towards the interim support levels around $0.41 yet again in the coming days.

Here, the XRP price may find itself at crossroads as the possibility of both a bullish rebound or a bearish breakdown opens up. 

Source: Twitter

The above chart displays the fact that the XRP price is hovering between the 0.23 and 0.38 FIB levels. The price movement is low and very slow.

However, the volume has dropped, due to which the token may not receive the required bullish push to slice above the $0.54 resistance- at least, not anytime soon.

In such a case, prolonged consolidation, specifically towards the south, may continue until the price does not slice through the 0.23 FIB levels and head towards lower support at around $0.38.

Besides, the RSI is plunging heavily and maintaining a consolidated trend. Due to this, the XRP price may be primed to drop below the interim support and hunt for a strong base to rebound from. 

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