XRP price has seen its price drop below the key level of $1, but the bulls are now starting to recover
XRP price has seen its price drop below the critical level of $1. However, the bulls are now starting to recover. At the time of writing, XRP is changing hands at $0.9871, recorded a 5% drop in the last seven days.
XRP/USD 4-hour chart | Source: TradingView
XRP price breaks below $1, recovery stalls
On November 26, the XRP price broke below $1 – according to our analysis at the time of anticipating a key move. With this breakdown, the bulls lost the key support as the $1 level turned into resistance.
The drop found good support at $0.89 and XRP is currently attempting a recovery back towards $1. It will be interesting to see if the cryptocurrency recovers above this level on the first attempt, as it looks like volatility could be on the horizon.
The volume during the analysis period below $1 is substantial. Since then, the bulls have been timid in pushing the price higher and trading volume has remained low. The current XRP trend is bearish. As indicated by the indicators, the bulls lack the strength to reverse the current downtrend and may need more time for that to happen. Things could turn bright if they manage to get XRP back above $1.
The bulls suffered a huge loss when they were unable to defend the $1 level. Since then, efforts to bring XRP price back to this key level have been met with low volume and lack of interest.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
- An Anonymous Wallet Moved 40 Million XRP To A Wallet Owned By Binance
- Is This XRP Price Last Held Support Before The Downtrend Is Confirmed?