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

XRP price action turned into a roller coaster ride. After an incredible rally, there was a quick fall.

Key support levels: $0.43

Key resistance levels: $0.54

1. Price makes a “U-turn”

Despite a solid performance in July, XRP lost most of its gains with a 23% drop this week alone. At this rate, the price may retreat to the 43-cent support that was the starting point of the July rally.

TradingView Chart 2. XRP returns to key support

Without any buying pressure, XRP has no choice but to return to the 43 cent support in the hope that buyers will return. This level held up well the last time it was tested. The question is whether it will also stop this accident.

TradingView chart 3. Bearish cross on MACD

The two-day MACD made a bearish cross. This is not a great sign, but as long as the key support holds, there is hope that the worst is behind us. Price action favors sellers right now, but this could reverse later.

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