Price action for XRP broke below a key support level yesterday at $0.296.
Price is following up today with a rise, but the increase is taking place on lower volume and is failing to erase the losses of yesterday.
Price had been testing the support level on Monday and Tuesday and broke significantly below yesterday.
Each consecutive test of a level makes it weaker with fewer buyers to hold the level on each test.
The last time price broke below this level; it rose back above with a significant spike that took place across the market on large amounts of volume.
If the same does not take place this time, it is likely that XRP will meet resistance at the $0.296 level.
It is likely that traders will look to take short positions as price approaches this level which may result in price failing to rise back to this level and continuing to decrease.
The next key support level to monitor is the December low at $0.277.
- XRP broke below a key support level yesterday after the testing the level on Monday and Tuesday.
- Price is following up today with a rise but on lower amounts of volume.
- The key levels to monitor are $0.296 as resistance and $0.277 as support.
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