Source: TradingView
Two key technical analysis indicators point towards the above bearish outlook. In particular, the Relative Strength Index indicator dropped below the 50-neutral mark and crept sideways. This showed that buying pressure waned off, and selling pressure was steadily rising. But a candlestick close above the 50% Fib level could negate this bearish inclination. In such a case, XRP could target a new resistance level at 61.8% Fib level ., XRP’s recorded a drop in active addresses in the past 24 hours. Correspondingly, the reduction in active addresses engaged in trading led to a decline in trading volume . Thus, this indicated a drop in buying pressure.