Ripple retested the $0.7500 resistance level before a sharp decline against the US Dollar, similar to bitcoin and ETH. XRP price is holding the $0.5500 support, but it might even test $0.5000.
- Ripple started a strong downside correction after it failed to clear $0.7500 against the US dollar.
- The price broke the $0.6000 support, but it is still well above the 100 simple moving average (4-hours).
- There was a break below a key contracting triangle with support near $0.6465 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could revisit the main $0.5000 support before the fresh increase in the near term.
Ripple’s XRP Price Approaching Key Supports
There was a strong rejection pattern formed in ripple’s XRP price near $0.7200 and $0.7500. The price started a strong decline and broke many supports near the $0.6200 level.
Recently, the crypto market saw a sharp correction, with a strong decline in bitcoin and Ethereum. XRP also followed a similar pattern and declined over 10% below $0.6000. There was also a break below a key contracting triangle with support near $0.6465 on the 4-hours chart of the XRP/USD pair.
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The pair even broke the $0.5800 support zone, but it is still well above the 100 simple moving average (4-hours). There was…