XRP Market Turns Bearish: Key Support and Resistance Levels

According to CryptoPotato, XRP's market has taken a bearish turn as sellers gained control of the price action earlier this month. A few technical indicators provide insights into the current market situation and potential future trends. The key support and resistance levels are at $0.43 and $0.54 respectively. Unfortunately for bulls, the support at 54 cents was lost and has now turned into a key resistance. If buyers are unable to reclaim this level, then the XRP price has a good chance to revisit the key support at 43 cents. Since XRP made a lower high in early March, the price entered a prolonged downtrend. This culminated with a local low at 43 cents during the crash in mid-April. The bias is bearish, and the 43-cents level must be maintained to avoid new lows. The weekly MACD did a bearish cross this month. The moving averages continue to fall, and the histogram also makes lower lows. As long as this continues, there is little hope of a reversal. This indicates that bears are currently in control of the market.