CandleFocus XRP Battles Market Bears: Selling Pressure Puts $1 Level in Jeopardy
2024-11-18
Author: Content Editor
Ripple's XRP has recently reached a three-year high of $1.26 but has since dropped to $1.15, signaling a 9% decline in the past two days. This decrease in price, coupled with a significant drop in trading volume, suggests increased selling pressure and raises concerns that XRP may fall below the critical $1 threshold. The divergence between price and volume indicates waning market participation, making the rally less reliable. Additionally, XRP's Relative Strength Index (RSI) shows overbought conditions across multiple timeframes, further supporting the possibility of a sustained decline. Currently trading at $1.15, XRP may test support at $1.06 and potentially dip below $1 if selling pressure escalates. On the other hand, a resurgence in demand could push XRP back to its three-year high.
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