Cryptocurrency

XRP Price Prediction: Bearish Breakdown Could Trigger Nasty Drop


XRP Price Prediction | Photo by Dmitry Demidko on Unsplash

New Delhi(CoinChapter): Ripple’s XRP is moving lower from $0.412. The price is now at a risk of a sharp decline below the $0.375 and $0.360 support levels.

Ripple (XRP) Price Showing Bearish Signs

This past month, ripple price saw a decent increase from the $0.318 zone against the US Dollar. The price was able to clear the $0.340 and $0.350 resistance levels.

The bulls even pushed the price above the $0.365 level. XRP price gained pace and cleared the 23.6% Fib retracement level of the main drop from the $0.5100 swing high to $0.3145 low. Finally, the price spiked above the $0.40 resistance zone, but it faced a strong resistance.

Ripple’s daily price chart
Ripple’s daily price chart | Source: XRP/USD on TradingView.com

The bears were active near the $0.4120 zone and the 50-day simple moving average (blue). The price also stayed below the 50% Fib retracement level of the main drop from the $0.5100 swing high to $0.3145 low.

In the past few days, there was a slow decline from the $0.412 resistance, similar to bitcoin and ethereum. There was a move below the $0.40 support.

More importantly, xrp price traded below a crucial bullish trend line with support at $0.3885 on the daily chart. The price is now showing bearish breakdown signs below $0.3885. An initial support is near the $0.380 level.

A downside break below the $0.380 support might send the price towards the $0.365 support. The main support is near the $0.350 zone. A clear move below $0.350 could spark a strong decline. In the stated case, the price might even test the $0.3185 support.

Upside Break?

On the upside, the price seems to be facing a strong resistance near the $0.400 and $0.412 levels. A close above $0.412 might start a steady increase. The next major resistance is near the $0.435 zone. Any more gains might push the price towards the $0.500 resistance.

Overall, XRP price is signaling a bearish breakdown down from the $0.412 resistance zone. If the bulls clear the $0.412 resistance, the price could continue to move down. Conversely, there could be a move towards the $0.435 and then $0.45 in the coming days.

The post XRP Price Prediction: Bearish Breakdown Could Trigger Nasty Drop appeared first on CoinChapter.



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