XRP drops to $2.2 as market turns bearish.

Key Support levels: $2, $1.6

Key Resistance levels: $3, $3.4

1. Bears Return

Over the past 24 hours, XRPs price fell by 8% and approached $2.2. This has turned the momentum bearish, and the price could easily test the key support at $2 in the coming days if nothing changes. To maintain optimism, XRP has to stop this downtrend at $2.

Chart by TradingView

2. Buyers Remain Shy

In the past two weeks, sellers have dominated the volume profile, which is in red. This pushed the price lower, but the key support at $2 remains intact. This provides an opportunity for buyers to return at that level if sellers attempt to break it.

Chart by TradingView

3. Major Bearish Cross

Unfortunately for bulls, the weekly MACD is flashing a major bearish cross, which will be confirmed at the end of this week. If so, the likely outcome will be a continuation of the current downtrend and lower price levels. All eyes remain on the $2 support, which will be decisive. Failure there and XRP could visit $1.6 next.

Chart by TradingView SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.