Ripple Price Analysis: XRP Drops Below a Critical Support, is $0.50 in Play?

Key Support level: $0.58

Key Resistance levels: $0.70

After a turbulent night, XRP failed to sustain above $0.70 and the price turned this key level into resistance. The next essential support is found at $0.58. The cryptocurrency seems more likely to test this level before any hopes of recovery.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is increasing. Sellers have the upper hand, and buyers seem more likely to step in at lower levels.

RSI: The daily RSI is making lower lows and is approaching the oversold area. Likely to fall much lower before a bounce can be expected.

MACD: The daily MACD is bearish and falling fast. The speed of this drop is intensifying.

Chart by TradingView

Bias

The current XRP bias is bearish.

Short-Term Prediction for XRP Price

With a turbulent market, the cryptocurrency seems likely to fall much lower before stability is found. The first key level of support is found at $0.58. Hopefully, buyers can stop the downtrend at that level.

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