Why is the price of Ripple (XRP) down today?

After XRP rallied nearly 70% from its recent lows, the price went into a pullback.

Key support levels: $0.54

Key resistance levels: $0.68

1. Collection in progress

This week, XRP nearly hit 64 cents during its rally before the sellers came back to put the brakes on it. This quickly turned into a recall that is still ongoing at the time of this post.

Chart by TradingView 2. Key support found

Even if the sellers seem to have taken over in the last two days, the buyers managed to hold firm with the support of 54 cents. As long as they can hold XRP above this key level, the rally may continue later.

TradingView Chart 3. Bias remains bullish

Despite this cooling in price action, the bias remains bullish. For example, the daily RSI was overbought, but has now fallen to 60 points, which could form a good base for the next stage. As long as the RSI is above 50 points, the bias is bullish.

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