Key Takeaways:
XRP price is still struggling to clear the 50-day simple moving average (blue) and $0.570. A major bearish trend line is forming with resistance at $0.5385 on the daily chart. The price must settle above the 50-day simple moving average (blue) and $0.570 to avoid losses.NEW DELHI (CoinChapter.com) — XRP is signaling many bearish signs below $0.570. A downside break and close below $0.4680 could spark heavy bearish moves.
XRP Price Struggle Continues
In the last couple of analyses, we discussed how the XRP price struggled on many occasions near the 50-day simple moving average (blue) and the 50-week simple moving average. Recently, the bulls once again struggled to clear the 50-day simple moving average (blue) at $0.570.
A high was formed at $0.5707 and the price started another decline, like Bitcoin. There was a drop below the $0.5350 and $0.5120 support levels. The bulls are now active near the $0.4880 support.
A low has formed at $0.4880, and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent drop from the $0.5707 swing high to the $0.4880 low. If there is a recovery wave, the price might face resistance near $0.5150.
The first key resistance sits near $0.5320, or the 61.8% Fib retracement level of the recent drop from the $0.5707 swing high to the $0.4880 low. On the daily chart of XRP to USD, a major bearish trend line is forming with resistance at $0.5385. The 50-day simple moving average (blue) is also near the trend line.
A close above the trend line resistance and the 50-day simple moving average (blue) could increase the chances of a break above the main barrier of $0.570. In the stated case, the price might rally and test the $0.620 resistance.
If the bulls manage to push the price above the $0.620 resistance, there could be a decent increase in the coming days. Their next stop might be $0.6520.
Fundamentally, Ripple continues to expand and invest in blockchain innovators. A recent example was its $1.05 million partnership with Morgan State University.
Sharp Decline Incoming?
Conversely, the XRP price might extend losses below the $0.4880 low. The first major support is at $0.4685. A downside break below this support might set the pace for a larger decline. In this case, the price may drop toward the $0.4150 level.
Overall, the XRP price continues to struggle near the 50-DSMA and $0.570. This increases the chances of a downside break below the $0.4685 support level in the near term.
The post XRP Price Faces Prolonged Struggle, Signaling Concerns for Traders appeared first on CoinChapter.
