Ripple Struggles At 50 Cents, More Downside Action? XRP Price Analysis
Despite the recent recovery in Bitcoin above $19,000, XRP continued to show weakness as it failed to reclaim the $0.5 support. As of now, it is trading around $0.495 with a daily 5% decrease.
The trend is still looking bearish in the short-term following a series of rejections at the descending resistance forming since November. Both the 4-hours RSI and MACD indicators confirm that sellers are in charge. However, there’s hope for a long-term bullish continuation as long as the market remains well above the $0.3 level.
Following the latest drops in price, the next support to keep an eye on is the November correctional level at $0.458. Below this, support lies $0.4, but the important level to look at is $0.33.
If the buyers manage to push back above $0.5, the first resistance would be $0.59 – where the latest sell-off was initiated. An increase above this resistance could push prices further to $0.7 and $0.78. But for now, there’s no sign of buyers in the market.
Against Bitcoin, Ripple now trades around 2580 SAT after dropping below the 2800 SAT level that suppressed bearish actions for two weeks. The price is now heading towards the 2400 SAT level for a retest, following a yearly breakout last month. Apart from that, the cryptocurrency had lost almost 7% of its value since yesterday.
Interestingly, the third-largest coin by market cap could resume the bullish trend if it can find strong support at the mentioned 2400 SAT level. More bearish actions are likely to come into play if it fails to hold. But unfortunately, the trend is still in favor of the bears, looking at the RSI and MACD indicators.
Read more here (https://cryptopotato.com/ripple-struggles-at-50-cents-more-downside-action-xrp-price-analysis/)