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Why is the Ripple (XRP) Price Crashing Today?

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.

Chart by TradingView

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.

Chart by TradingView

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.

Chart by TradingView

The post Why is the Ripple (XRP) Price Crashing Today? appeared first on CryptoPotato.

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