$XRP sets bearish tone: Should you short at THIS level? - AMBCrypto Analytics

Ripple [XRP] was unsuccessful in its attempts to reclaim the $0.585 support zone. A recent report noted that a breakout past $0.56 meant a move toward $0.64 was likely.

These bullish hopes were dashed when Bitcoin [BTC] slumped below the $60k level, dragging the altcoin market downward. Here’s what the next short and long-term targets for XRP are.

The range formation (purple) has been in play for a year and reached from $0.46 to $0.71, with the mid-range level at $0.585.

In the past few days, this level and the 20-day moving average (yellow) acted as resistance.

The MACD showed a bearish crossover and indicated that the momentum was turning bearish in recent weeks. The low of the Bollinger band at $0.5 could be tested soon.

In the coming weeks, the mid-range rejection will likely solidify into a retest of the range lows once again.