The post Why is Ripple (XRP) Price Down Today appeared on BitcoinEthereumNews.com.

XRP failed to hold above $3 and the price action is now turning bearish. Key Support levels: $2.6, $2, $1.6 Key Resistance levels: $3, $3.3  1. First Major Sign of Weakens for XRP It was critical for XRP to hold above $3 if there was hope of higher highs. This level was lost today and the price fell to $2.7. This drop has also turned the level at $3 into a key resistance. The cryptocurrency fell by 11% today which shows sellers are returning. While this is a market-wide correction, the timing was quite unfortunate for XRP as this is turning the chart bearish. Chart by Tradingview 2. Falling Volume Hinted at Correction The first giveaway that a correction could be coming for XRP was seen on the volume profile. While the price made a higher high above $3, the volume did not do the same. This was an early sign that a bearish divergence was forming which called for caution. Chart by Tradingview 3. Bearish Divergence Detected The bearish divergence was quite obvious on the volume profile, as seen below. However, the same situation can also be seen on the MACD and RSI momentum indicators. This only strengthens the argument that XRP could have made a local top at $3.4 and a correction may follow now. 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…

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Filed under: News - @ January 27, 2025 1:27 pm