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Immediately after a rebound to $1.18, XRP was again suppressed by selling pressure, pushing it to defend the $1 support line. With the price falling for four consecutive days without a rebound and buying interest disappearing, the potential collapse of the $1 mark has emerged as the biggest hurdle that will determine further declines.
According to crypto media outlet Cryptopotato on July 9 (local time), selling pressure reasserted control over XRP after a brief rebound towards $1.18. With the price declining for the past four days without a clear rebound, there is a possibility that the key support level of $1 will be tested again. Major resistance levels are $1.3, $1.6, and $2.
Even at the end of June, XRP moved just above $1 for several days before buying pressure pushed the price up. However, Cryptopotato suggested that as the overall downtrend persists, that rally could end as a dead cat bounce preceding a new low.
The absence of buying interest also became clear. Since last Sunday, buyers have disappeared from the order book, and as XRP reached $1.18, buying pressure sharply weakened. Subsequently, sellers took control, but trading volume also continued to decrease, suggesting that the conviction of the selling pressure was not strong.
The daily Relative Strength Index (RSI) also failed to escape the bearish trend. This summer, the RSI attempted to break above 50 twice, but each time the price fully retraced, dashing hopes for a sustained rise. However, the RSI's lows and highs have been increasing, indicating a bullish divergence, but this has not yet been confirmed in the price action.
With selling pressure dominating the market, XRP is facing a test of the $1 support line. In a situation where decreasing trading volume and unconfirmed RSI bullish divergence are at play, defending $1 and recovering the $1.3 resistance level are presented as key price points that will determine future price movements.
[Key Article Summary]
-After a rebound to $1.18, XRP has fallen for four consecutive days without a clear rebound, raising the possibility of testing the $1 support line.
-As buying pressure sharply weakened and trading volume decreased, the conviction of the selling pressure was analyzed to not be strong.
-A bullish divergence appeared in the daily RSI, but it has not yet been confirmed in the price action.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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