XRP trims the gains and there’s a strong chance that it will drop heavily soon as it failed to stay above $0.550 and dropped 10% against the US dollar. The price could crash again if it fails to stay above the 100 SMA and the $0.4850 as we are reading more in our latest Ripple XRP news.
Ripple started a fresh decline after it had a hard time clearing the $0.6550 resistance zone against the US dollar with the price now trading below the $0.5500 and it is testing the 100 simple moving average and a break below the bullish trend line near $0.5300 on the 4-hour charts of the pair that could drop below or start a fresh increase from the 100 SMA. After closing above the $0.500 level, ripple’s XRP price started a steady increase with the price clearing the $0.550 and the $0.5720 resistance levels and it even broke the $0.600 level while settling above the 100 simple moving average.
It topped near the $0.6446 level and it started another decline with a break below the $0.600 and the $0.5800 support levels while the price traded below 50% fib retracement level of the upwards move from $0.4507 swing low to $0.6443 high. There was also a break below the major bullish trend line support at $0.5300 on the 4-hour charts of the pair which was trading well below $0.5500 and it is testing the 100 simple moving average. It is also testing the 76.4% fib retracement level from the upwards move at $0.4507 low to $0.644 high so if there’s another downside break below the support line, there’s a risk of another decline.
XRP trims the gains made over the past few weeks as it dropped by 10% and the next major support is nearing the $0.4500 level so more losses could open the doors for a move to $0.400 support. If Ripple stays above the $0.4850 support and the 100 SMA, there are some chances of a slight increase near the initial resistance being near the $0.5250 level that connects the bearish trend line. Breaking above the trend line resistance could shoot XRP above $0.5500 and the next major resistance will be set at $0.600.
The entire market is in the green today with BTC hitting new ATH records levels so it won’t come as a surprise if XRP corrects above.
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