Crypto carnage: Ripple (XRP) nosedives past $0.5
|- Ripple plunges below $0.5 for the second time in 24 hours.
- Bitcoin price rebounds after the drop below $6,200.
- Ripple price is still in danger of further breakdown.
This is a follow up analysis to the recently published Ripple (XRP) price analysis. The analysis spotted a bearish flag pattern on the 15-minutes timeframe chart for XRP/USD. As predicted, the price broke down in reaction to the pattern amid a widespread bloodbath in the market. Ripple price is down over 2% on the day and is currently risking retraction below $0.5. This will have cancelled all the gains made after the pullback on Tuesday evening (GMT).
The sudden sharp drop in price has seen the digital asset market wipe off $8 billion. Bitcoin price dropped below $6,200 before bouncing back. Ripple price is trading at $0.499 limited by the immediate resistance at $0.5050.
The crypto carnage is most likely to continue in the near term, especially for Ripple. The RSI on the chart is motionless at 33.4. Another sell signal is presented by the MACD, which is stuck in the negative zone. The path of least resistance is currently to the downside but a recovery above $0.5 will mean a lot to the bulls who have in the past one week put their focus on $0.55 and $0.6 respectively.
XRP/USD 15’ chart
More:
Ripple’s XRP bear flag break looms as crypto market erases $3 billion
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