The altcoins are down significantly as the Bitcoin price slips to the $61K level amid a global-level war chance arising from East Asia. Under such bearish conditions, the breakout rally in XRP takes a quick plunge and loses critical support.
As the downfall gains momentum, will the XRP price fall under $0.50? Learn more in Coinpedia’s XRP price analysis below.
4-Day Downfall Plunges XRP by 20%
In the daily chart, the XRP price is down by 20%, with a streak of four massive bullish engulfing candles. After creating a swing high at $0.6650 amid the broader market correction, the XRP price takes a quick plunge, leading to a price fall to $0.52. Further, the intraday drop in XRP accounts for 1.19%.
The correction phase drops under the 50, 100, and 200-day crucial exponential moving averages. Furthermore, the declining trend breaks the local support trendline along with the 38.20% Fibonacci level at $0.54.
The bullish failure to surpass the 61.80% Fibonacci level at $0.63. The ongoing correction phase is heading towards the next crucial support at $0.52 and $0.49.
The $0.50 psychological market is at risk as the quick selling spree gains momentum.
Technical Indicators:
MACD: The MACD and signal lines give a bearish crossover with a massive surge in negative histograms.
EMA: The downtick in the 50-day EMA warns of a bearish crossover with the 100-day EMA.
Will XRP Price Hit $0.50?
With a boost in selling pressure and more than $20M in liquidations per Coinglass, the bears seem in total control. Further, the breakdown of critical levels in the daily chart puts the next support levels at risk.
Based on the Fibonacci levels, the next support stands at $0.49. Furthermore, the price action highlight supports at $0.52 and $0.50. On the flip side, a reversal rally could challenge $0.54 and $0.58.
Worried about the XRP price in the long run? Read our Ripple (XRP) Price Prediction.
