Ripple's price encountered resistance at the daily level of $0.499 on Tuesday, resulting in an 11% decline over the next two days. At the time of writing, it trades 8.7% down at $0.393, below the weekly support level of $0.413. If XRP’s daily closes below $0.413, it could crash 15% to revisit its March 12, 2023 low of $0.347.
This bearish thesis is supported by the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart, both of which are below their respective neutral thresholds of 50 and zero. This implies that bearish momentum will likely continue, which might cause the price of ripples to drop even more.
Conversely, if the Ripple price daily candlestick closes above $0.499 and forms a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 6% rise in Ripple's price to revisit its high of June 5 at $0.532.