• XRP price looked promising last month for the jump higher.  
  • Global sentiment in cryptocurrencies is taking a turn for the worse. 
  • Ripple could not break two triangle formations to the upside and looks to be losing support.

XRP price gave investors headaches again this morning after it broke to the downside. Only one support barrier is present to prevent Ripple prices from going down to $0.50.

XRP price is hanging by a thread and it looks ready to snap

XRP price looked promising and full of potential the past few weeks when it recovered from the dip at $0.50. The technical rally looked solid with several indicators pointing in the right direction.

But sentiment flip-flopped last weekend, and XRP price saw sharp declines, breaking the technical play that was driving it higher. Not only did Ripple break the big triangle to the downside, but it even sliced through below the second smaller triangle. 

Temporarily, it looked like $0.645 would be strong enough to provide some support, but that gave way this morning. Now, there is just one more support left for Ripple bulls to hold onto and that is that orange descending trend line from June 1.

With even the 55-day Simple Moving Average (SMA) becoming resistance, XRP price could not stay above it anymore. 

XRP/USD 4-h chart

XRP/USD 4-hour chart

Ripple holds the orange descending trend line for now, but the RSI is not yet in oversold territory. This means a lower low may be in the cards, and if that gives way, a correction toward $0.50 is more than likely. Not much short-term help is available to support price action. 

A bounce off the descending trend line, however, could do the trick, and if XRP price reclaims the 55-day SMA again, more upside potential could be the outcome.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why LUNA traders do not have to be in the market all the time

Why LUNA traders do not have to be in the market all the time

Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.

More Terra News

SEC vs. Ripple case, two key decisions awaited by XRP holders

SEC vs. Ripple case, two key decisions awaited by XRP holders

XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple. 

More Ripple News

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and 

More Polygon News

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart. 

More Shiba Inu news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP