The post XRP Price Analysis: XRP At Risk of Drop Toward $0.50 appeared on BitcoinEthereumNews.com.

XRP price started a fresh decline below the $0.620 zone against the US dollar. The price is now trading below $0.600 and the 55 simple moving average (4 hours). There was a break below a key rising channel with support at $0.6125 on the 4-hour chart of the XRP/USD pair (data source from Bittrex). The pair could extend losses if it breaks the $0.588 support zone. XRP price is struggling below $0.620 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.588 support in the near term. XRP Price Analysis In the past few days, Ripple’s XRP price started a fresh decline from well above $0.650 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.620 level. The bears were able to push the price below the $0.600 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.588 support. A low was formed near $0.5723 before there was an upside correction. However, the price struggled near $0.6385 and is now moving lower. There was a break below a key rising channel with support at $0.6125 on the 4-hour chart of the XRP/USD pair. XRP is now trading below $0.600 and the 55 simple moving average (4 hours). Initial support on the downside is near $0.605. It is close to the 50% Fib retracement level of the upward move from the $0.5732 swing low to the $0.6385 high. The next major support is near the $0.588 level or the 76.4% Fib retracement level of the upward move from the $0.5732 swing low to the $0.6385 high. Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.520. On the upside, the price is facing resistance near…

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Filed under: News - @ November 27, 2023 3:42 am