- XRP price slips below the vital level, unable to find support.
- Global markets are on the back foot, and a new round of sanctions is on the docket.
- Expect to see XRP tank roughly 6% today to find a level for a bounce-off.
Ripple (XRP) price is having an issue finding new investors and traders as the rally starts to fade little by little, with this morning slipping back below $0.8390. The Relative Strength Index (RSI) shows an alarming development that could be a sign for XRP price to drop today by 6%, which would mean Ripple price giving back its gains from last week. The only element that could keep the rally together is the monthly pivot at $0.8075.
XRP price sees monthly pivot as only support, preventing a 6% intraday drop
XRP price had a positive Sunday performance with a close above $0.8390, but things fell apart in the ASIA PAC session as bulls were unable to run price action upwards, let alone see more bulls coming in at $0.8390. Instead, XRP price dropped below it. With that drop, bears are flushing out some bulls on the way down as no support is present in the nearby vicinity.
Ripple price could be in trouble for today as the RSI is showing a divergence to the downside. Although prices are getting squeezed toward each other, the RSI is slipping toward 50 and looks set to slip below 50, revealing that bears are using the scepticism of last week to squeeze out bulls further. Expect to see bears trying to push XRP price toward $0.7843, with only the monthly pivot at $0.8075 as the line of defence preventing that. With only one actual test on the first day, that reputation looks feeble to hold.
XRP/USD daily chart
As sentiment for the week still needs to be set, a quick turnaround could still come, should equities with Nasdaq as a leading indicator jump-start the week to the upside. That would signal risk-on to the markets, with bulls pouring into risk assets across the board. That activity would push XRP price back above $0.8390 and target $0.8791 to the upside, which would mean a 4% gain for Monday.