Master Analyst Warns: There Could Be A Huge Drop In XRP Price

XRP failed to clear the $ 0.6150 resistance and broke a downside support at $ 0.5740 against the US Dollar, similar to Bitcoin and ETH. XRP price is likely to drop to $ 0.5100 or even $ 0.4500 , analysts say .

XRP started a major decline after it broke the key $ 0.5740 support zone against the US Dollar. The price is currently trading well below the $ 0.5740 zone and the 100 simple moving average (4 hours), according to analyst Aayush Jindal. There was a break below the $ 0.5880 support and triangle on the 4-hour chart of the XRP / USD pair. The pair could retest $ 0.5740 before extending its decline to $ 0.5000.

XRP Price Gains Downward Acceleration

After several unsuccessful attempts near $ 0.6200 and $ 0.6150, XRP price started a strong decline. Bitcoin, ETH, BCH, ADA, LINK, and many other altcoins also experienced major declines. XRP followed a similar pattern and broke a few key supports near $ 0.5880 and $ 0.5740. There was an open break below the 50% Fib retracement level of the key bullish move from the low of $ 0.4548 to $ 0.6919.

Xrp price

More importantly, there was a break below the crucial triangle pattern with support at $ 0.5880 on the 4-hour chart of the XRP / USD pair. The price is currently trading well below the $ 0.5740 zone and the 100 simple moving average (4 hours).

XRP is testing the $ 0.5450 support level. If there is a clear break below the $ 0.5450 support level, the price could continue to decline. The next major support is near the $ 0.5000 level, with the bears aiming to test the $ 0.4500 support later.

Is There a Probability of Upgrade?

If XRP starts a corrective rise above $ 0.5600, it could face hurdles. The first major resistance is near the $ 0.5740 level (the last breakout zone). The next major resistance is near the $ 0.6000 level or the 100 simple moving average (4-hour). As long as the price is below the $ 0.5740 resistance, it is at risk of further losses in the near term.

Technical Indicators

4-Hour MACD: The MACD for XRP / USD is gaining momentum in the bearish zone.

4-Hour RSI (Relative Strength Index): The RSI for XRP / USD is currently well below the 40 level.

Major Support Levels: $ 0.5450, $ 0.5200 and $ 0.5000.

Major Resistance Levels: $ 0.5740, $ 0.5880 and $ 0.6000.