xrp cryptocurrency price

Ripple (XRP) price poised above crucial support at $0.50

Ripple (XRP) price poised above crucial support at $0.50
Written by publisher team

If Ripple price drops below $0.50, losses could extend to $0.34

XRP price continues to hold in the $0.50-$0.65 range, which is kind of positive for the Ripple bulls as most of the other assets posted massive selling in the past 24 hours.

Bitcoin (BTC) corrected 17% to fall below $50K and reached as low as $47,000 yesterday. Ethereum price also declined significantly to retest $1,650, reducing the bullish sentiment surrounding the breakout to $2,036. Most of the other cryptocurrencies saw double losses, including Binance Coin, Polkadot, and Litecoin.

While the XRP/USD pair can still bounce off $0.50, the lack of bullish momentum during the early trading session is putting pressure on the bulls. This is what the technical picture of XRP/USD looks like.

Ripple daily price chart

After breaking lower from the highs at $0.57, the XRP bulls failed to gain control above $0.5250. The area has proven difficult to navigate, as sellers have forced prices back to the $0.50 support level several times this morning.

If the new buying momentum exceeds the previous resistance levels for XRP at $0.57 and $0.65, the next target is around the $0.78 level.

XRP/USD daily chart. Source: TradingView

Although the XRP/USD pair remains within the $0.50-$0.65 range, the bulls must keep the support level intact if they want to avoid handing over control to the sellers. In the event the price drops below $0.50, XRP could drop to $0.34.

This may be the case as the daily RSI looks to dip below 50. If bears dominate the increased selling pressure, further correction could force the bulls to defend gains around the 100-SMA ($0.4254) and 50-SMA ($0.3912) Support areas.

Ripple price chart over 4 hours

4 hour XRP/USD chart. Source: TradingView

On the 4-hour chart, XRP price broke below the 50-SMA ($0.5427) and 100-SMA ($0.5309). Bears are also looking to extend losses below the crucial support trend line of the old ascending triangle pattern.

If the bulls recover and push higher, inverting the 50 and 100 SMAs back into support could help push prices to $0.60 and the resistance line of the ascending triangle at $0.65.

On the other hand, if XRP/USD drops below $0.50, the immediate losses could extend to the 200-SMA at $0.4353 and then the monthly low of XRP at $0.34.

At the time of writing, the bulls have been trying to drive sellers above $0.50, which is increasing the downside risks.

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