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XRP Loses Critical $0.5 Support Level, Here’s the Next Bearish Target (Ripple Price Analysis)

Crypto News - CryptoVizArt 2023-04-20 22:00

XRP’s price has shown signs of weakness recently. It was rejected significantly against USDT and formed a fake bullish breakout against  BTC.

Technical Analysis

By: Edris

XRP/USDT Daily Chart:

Looking at the USDT chart, it’s clear that the price has been decisively rejected to the downside from the $0.60 resistance level.

The 50-day moving average is the first potential support level, around the $0.45 mark. This is closely followed by the $0.43 static resistance level and the key 200-day moving average, both located around the same price. While there are strong support levels, the recent bearish rejection could still be worrisome for the bulls.

xrp_price_chart_2004231 Source: TradingView

XRP/BTC Daily Chart

Moving on to the BTC chart, it’s evident that XRP has repeatedly failed to break above the large descending channel pattern. It was even rejected from the 200-day moving average on the first try and dropped back into the channel, creating a fake bullish breakout.

However, the 50-day moving average is currently providing support around the 0.000017 SAT mark. Both the higher boundary of the channel and the 0.000018 SAT resistance level are trying to push the market further down. If the 50-day moving average fails, the 0.000016 SAT support area would be the next key level.

On the other hand, a bullish breakout from the channel would cause the price to target the 200-day moving average once more in the short term, located around the significant psychological 0.00002 SAT resistance level.

xrp_price_chart_2004232 Source: TradingView

The post XRP Loses Critical $0.5 Support Level, Here’s the Next Bearish Target (Ripple Price Analysis) appeared first on CryptoPotato.