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XRP Retreats Sharply While $0.50 Acts As Key For Next Increase

Stefan by Stefan
26/11/2020
in Uncategorized
2 min read
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Ripple Sets Eyes, xrp, price, support, level
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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.

chase NL
Image Courtesy of Chase_NL. Source XRPUSD on TradingView.

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.

xrpusd
Source XRP/USD on TradingView.com

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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Tags: next increaseretreatsripple priceRipple Price Analysissharp declinexrp priceXRP price analysis
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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