$XRP is facing significant downward momentum, trading at approximately $1.10. This follows a sustained sell-off over the last week.
Technical Outlook: Downtrend Confirmed
The latest price action shows XRP has decisively broken below previous horizontal support at $1.15, which now flips to immediate resistance. The breakdown was driven by a strong increase in selling volume, confirming the bearish trend.
Crucial Support Zone: All eyes are now on the critical support band between $1.04 and $1.08. This range was a significant launchpad in August and represents a major demand zone.
A "Long Squeeze": The recent sharp decline has been exacerbated by a "long squeeze," leading to over $1 billion in long position liquidations in the futures market.
Oversold Signals: Lower timeframe indicators, particularly the 4-hour RSI, are registering deeply oversold readings, currently sitting at 24. While a temporary technical bounce is possible, the primary daily and weekly trends remain strongly bearish.
#Earn10USDT #XRPRealityCheck #UKBanksCanNowApplyToConductCryptoAssetBusiness
Technical Outlook: Downtrend Confirmed
The latest price action shows XRP has decisively broken below previous horizontal support at $1.15, which now flips to immediate resistance. The breakdown was driven by a strong increase in selling volume, confirming the bearish trend.
Crucial Support Zone: All eyes are now on the critical support band between $1.04 and $1.08. This range was a significant launchpad in August and represents a major demand zone.
A "Long Squeeze": The recent sharp decline has been exacerbated by a "long squeeze," leading to over $1 billion in long position liquidations in the futures market.
Oversold Signals: Lower timeframe indicators, particularly the 4-hour RSI, are registering deeply oversold readings, currently sitting at 24. While a temporary technical bounce is possible, the primary daily and weekly trends remain strongly bearish.
#Earn10USDT #XRPRealityCheck #UKBanksCanNowApplyToConductCryptoAssetBusiness
