Bears extended their dominance with sellers wiping out more of XRP's July gains.
Sellers smash through key price levelsBuyers haven’t been able to find any respite with sellers extending their dominance effortlessly. Drawing the Fib levels on the 12-hour timeframe showed the selling momentum crashing through major price support levels.
On 26 July, bulls attempted to stem the selling pressure at the 38.2% Fib level . Instead, sellers made a lower high at the 50% Fib level before continuing the downtrend. As of press time, the price bounced softly off the $0.5957 price level. A repeat of the bearish price action could see sellers use the 23.6% Fib level as another lower high before extending the bearish momentum. If this plays out, targets for sellers will lie at $0.5200 – $0.5500.
The strong bearish momentum was echoed by the on-chart indicators. The RSI hovered just above the oversold zone while the MACD maintained its bearish slide below the zero mark after posting a bearish crossover. A bullish reversal could be dependent on BTC breaking out of its range formation which could spur buyers into action with a break above $0.700 flipping XRP bullish.
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