XRP Drop: Another Setback or Buy?

XRP continued to struggle to break out of $0.5450. It is falling and could test $0.512.

Bearish signals are emerging from $0.5420 for XRP.

Below $0.5350 and the 100 hourly simple moving average

XRP/USD has broken below a significant contracting triangle with support around $0.5360 on the hourly chart.

Remaining below the $0.5420 barrier could increase the negative momentum.

Reject the XRP price

After closing above $0.5320, XRP price rose like Bitcoin and Ethereum. Bears were aggressive at the $0.5420 resistance.

After the peak of $0.5422, a negative correction began. Below the $0.5320 support zone and the 23.6% Fib retracement line the bullish advance from $0.5028 swings from the low to the high of $0.5422.

Additionally, the hourly XRP/USD chart has broken below a crucial contracting triangle with support at $0.5360. The pair fell below $0.5350 and the 100-hour SMA.

Resistance at $0.5320 is immediate. Around $0.5420 there is the first resistance. Breaking above the $0.5420 barrier zone could boost prices. Around $0.5450 is the next resistance. The bulls could push the price above the $0.5450 barrier and rise steadily above $0.5550. Further advances could push the price towards the $0.5740 barrier.

More losses?

Failure to break the $0.5420 resistance zone could cause another range drop for XRP. Initial downside support is approaching $0.5225 and the 50% Fib retracement level of the bullish advance from $0.5028 to the low at $0.5422.

The next significant support is $0.5120. A negative breakout and close below $0.5120 could increase the bearish momentum. The price may drop and test $0.5025 again soon.

Technological indicators

The hourly MACD for XRP/USD is moving lower.

$XRP #Binance #ETHEREUM #web3