Key Takeaways:
- Ripple price started a downside correction below the $0.52 support.
- XRP traded below a key contracting triangle with support at 0.519 on the daily chart.
- The price could find a strong buying interest near 0.44 or the 50-day simple moving average.
XRP Price Prediction | Photo by Moose Photos
NEW DELHI (CoinChapter.com) — Ripple’s XRP is decreasing from $0.550. The price might decline further, but the bulls could take a strong stand near $0.44.
Ripple (XRP) Price Trims Gains
This past month, Ripple’s price significantly increased above the $0.50 resistance against the US Dollar. Then, the price rallied over 15%, breaking the $0.550 resistance.
However, it faced rejection near the $0.585 zone. A high was formed at $0.585, and the price started declining. There was a drop below the $0.550 and $0.540 support levels. More importantly, the price traded below a key contracting triangle with support at 0.519 on the daily chart.
XRP price now shows a few bearish signs below the $0.50 level, similar to Bitcoin and Ethereum. It is trading close to the 50% Fib retracement level of the main increase from the $0.3488 swing low to the $0.5850 high.
The first major support is near the 50-day simple moving average (blue) at $0.452. The next major support is near the $0.440 zone. It coincides with the 61.8% Fib retracement level of the main increase from the $0.3488 swing low to the $0.5850 high.
A downside break below the $0.440 support might start a major decline. Ripple may decline toward the $0.40 level in the stated case. Any more losses below $0.400 might send the price toward the last swing low at $0.3480 in the coming days.
Fresh Upward Move?
On the upside, the Ripple price faces resistance near $0.50. A daily close above $0.50 might start a decent increase. The next major resistance is near the $0.520 zone, above which the price might rise toward the $0.55 level. Finally, any more gains might push the price toward the $0.585 resistance.
Overall, the XRP price is below the $0.50 pivot level. If the bulls protect the $0.44 support, the price might increase to $0.550. Conversely, the price might extend losses and revisit the $0.40 support in the coming days. In the stated case, there is also a risk of a drop to $0.3488.
