XRP retreats sharply after it retested the $0.7500 resistance level before the sharp decline against the US dollar which is similar to the ETH and BTC price movements as XRP holds the $0.5500 support but it could even test the $0.5000 as we are reading in the latest XRP price news.
Ripple started a strong downside correction and it failed to clear the $0.7500 against the US dollar as the price broke the $0.0600 support but it’s still above the 100 simple moving average with a break below the key contracting triangle with the support near the $0.6465 on the 4-hour charts for the pair which will likely revisit the main $0.5000 support before the increase in the near-term. There was a strong rejection pattern that formed in XRP’s price close to the $0.7200 and the $0.7500 levels so the price started a strong decline while breaking supports near the $0.6200 level as XRP retreats.
The crypto market was in the middle of a sharp correction and a strong decline in BTC and ETH. XRP followed a similar pattern and declined over 10% below $0.6000. There was a strong break below the key contracting triangle with the support at $0.6464 on the 4-hour charts of the pair. The pair broke the $0.5800 support zone but it is still well above the 100 simple moving average with a break below the 50% fib retracement level from the upward wave from the $0.4085 swing low to the $0.7876 swing high. It’s now trading close to the $0.5500 support level. The 61.8% fib retracement level from the upward wave at the $0.4085 swing low to the $0.7876 swing high is acting as a support.
If there are even more losses, the price could decline below the $0.550 and the $0.5400 levels. The next major support sits at $0.5000 where the bulls could even take a strong stand. If Ripple stays above the $0.5500 support and it could recover higher while the resistance on the upside is close to the $0.5850. A clear break above the $0.6000 resistance level could open the doors for a fresh increase in the stated case with the price likely to rise steadily towards the $0.6500 level. The 4-hour MACD for the XRP/USD is now in the bearish zone with the 4-hours RSI is close to the 50 levels.
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