Will XRP Price Lose $0.6 Support Amid Market Correction?
Highlights
- The XRP price breakdown below the 50% retracement will accelerate the selling pressure.
- The altcoin carries a steady recovery under the influence of a rising support trendline.
- The intraday trading volume in the XRP is $2 Billion, indicating a 45% loss.
Amid the recent correction trend in the crypto market, the XRP price rally witnessed an immediate reversal from the $0.745 mark. Within 5 days, the Altcoin values tumbled 16.5% to reach the current trading price of $0.62. Will the demand pressure at a 50% retracement level, offer buyers an opportunity to counter-attack or further correction is underway?
Also Read: Ripple Role Questioned as USDC XRP Ledger (XRPL) Integration Lags
XRP Price Facing the Fallout Below the 50% Retracement Level
XRP, the digital currency of the Ripple network, is riding a short-term rally under the influence of an ascending support trendline. This dynamic support has uplifted the altcoin value from a February low of $0.49 to a recent high of $0.74, registering a 51.8% growth.
The chart projecting several reversals from this support indicates the buyers continue to accumulate this asset in market dips. As of now, the crypto market is experiencing a similar situation with the Bitcoin price correction below the $70000 mark.
Thus, the XRP price of $0.612 showcased an intraday loss of 3.44%. This downtick teases a bearish breakdown from the 50% retracement level which wavers around $0.615.
A potential breakdown below this support may hint at the weakening of this bullish momentum, while a break below the support trendline will accelerate the selling pressure on this asset.
Should this happen, the XRP price may plunge another 10% to test support region near $0.52.
Also Read: XRP Whales Move 67 Mln Coins Amid SEC vs Ripple Lawsuit Relief
Key Support Levels to Watch
An analysis of the daily chart shows the XRP price has respected two key support trendlines, a steady one marked in blue and the less inclined black. The price sustainability above the former would indicate the near trend is aggressively bullish. On the other hand, the lower one is active for over 400 days projecting the long-term rally in this asset.
- BB Indicator Band: The price below the midline of the Bollinger Band indicator reflects the sellers are strengthening their grip over this altcoin.
- Moving Average Convergence Divergence: A bearish crossover between the MACD(blue) and signal(orange) signals an active correction phase.
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