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XRP Price Drops 12% and Reverses Down from $0.73311; What’s Next?

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XRP Price Drops 12% and Reverses Down from $0.73311; What’s Next?
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XRP price analysis shows a bearish trend on the daily chart and more downside potential. It faced strong resistance at the $0.73311 level post which the price plunged rapidly.

XRP crypto made a bearish pattern and fell below the 50-Day and 200-Day EMAs. It shows that the trend is going down. Investors and traders need to be cautious before entering any trades.

XRP coin price dropped by 12.90% last month and wiped out the entire gains made last year. Now, the coin is moving down to the $0.47493 level, the nearest support seen in the chart.

If buyers show up near the support, a short-term rebound may happen. The sudden drop in XRP has shaken the faith of long-term investors. If the price falls more, it might cause fear and existing investors may have to sell their holdings.

However, if buyers manage to stop the fall near the support, we may see a tight-range consolidation. Currently, the pair of XRP/USD coins are trading at $0.51237 with a daily loss of 1.20% according to the data of Tradingview.

Will XRP Price Show a Recovery in the Upcoming Month?

XRP Price Drops 12% and Reverses Down from $0.73311; What’s Next?
Source: XRP/USD daily chart by TradingView

XRP price fails to break above the key moving averages. Buyers are doing their best to stop the sell-off, which will help to end the decline. However, the sellers are very fierce and they may not give up easily on their goal of wiping out the gains.

The chart pattern of XRP crypto shows the power of bears, so any short-term bounce may have trouble staying at the higher levels.

The technical analysis indicates that this drop dampened the investors’. So, it’s better to stay away from creating any long positions as of now. XRP crypto price also looks bearish on the weekly time frame chart. The pressure on sellers is evident on higher levels.

So, to restore the investors’ trust, buyers have to take charge of the trend. Until then, the bears will rule and limit the upside.

Summary

XRP price forecast indicates that this drop has hurt the chart pattern. So, the price may give a bearish outlook over the next few weeks. The analysis suggests this coin may fall more, so it is better to stay away from making longs as of now.

Technical levels

Resistance levels: $0.67377 and $0.73311.

Support levels: $0.047493 and $0.43557.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

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