Charted: Ripple (XRP) Retreats Sharply, $0.50 Is The Key For Next Increase

[JR]

Charted: Ripple (XRP) Retreats Sharply, $0.50 Is The Key For Next Increase

Ripple retested the $0.7500 resistance level before a sharp decline against the US Dollar, similar to bitcoin and ETH. XRP price is holding the $0.5500 support, but it might even test $0.5000.

Ripple started a strong downside correction after it failed to clear $0.7500 against the US dollar.
The price broke the $0.6000 support, but it is still well above the 100 simple moving average (4-hours).
There was a break below a key contracting triangle with support near $0.6465 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair could revisit the main $0.5000 support before the fresh increase in the near term.

Ripple’s XRP Price Approaching Key Supports

There was a strong rejection pattern formed in ripple’s XRP price near $0.7200 and $0.7500. The price started a strong decline and broke many supports near the $0.6200 level.

Recently, the crypto market saw a sharp correction, with a strong decline in bitcoin and Ethereum. XRP also followed a similar pattern and declined over 10% below $0.6000. There was also a break below a key contracting triangle with support near $0.6465 on the 4-hours chart of the XRP/USD pair.
The pair even broke the $0.5800 support zone, but it is still well above the 100 simple moving average (4-hours). There was a break below the 50% Fib retracement level of the upward wave from the $0.4085 swing low to $0.7876 swing high.

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