XRP loses long-term support after dropping considerably
XRP moved below a long-term ascending support line, as well as below the support at $ 0.32.
Both day and long term technical indicators are bearish.
XRP price could be in a third broad bearish wave
XRP price has declined significantly over the past week, reaching a close below the $ 0.32 area. The latter served until then as a support.
As long as The News Spy has not regained this area, the long term trend is considered bearish.
The weekly chart shows that XRP declined to close below the $ 0.32 area. This is an area that had served as support since November 2020, when the price passed it.
This is a considerable bearish development, suggesting that the price could move lower still as the $ 0.32 area is now expected to provide resistance.
At the time of writing this review, XRP is trading just above the support at $ 0.21. If it goes below that support area, the next one will be found at $ 0.175.
The technical indicators are clearly bearish. The Stochastic Oscillator formed a bearish cross, and the RSI moved below 50
Cryptocurrency trader @tradingTank shared a chart of XRP, wondering whether or not it will manage to hold above crucial support despite the abundance of particularly negative news.
Data and price movement in the weekly chart suggests that XRP will fail to stay above support. In order to get a better perspective on the movement, we need to look at the daily chart.
The daily chart shows that XRP has also moved below an ascending support line in place since March.
This is another bearish sign suggesting that an even lower price may be ahead. Similar to the weekly chart, the daily technical indicators are bearish.
The two hour chart shows another fall, this time being the minor support at $ 0.27. There are also no signs of a bullish reversal in the two hour chart.
The wave count for XRP is similarly bearish, suggesting price is in a third extended wave (in orange). The latter could bring it down to the aforementioned support of $ 0.175. After a possible rebound, it could then decline once again.
The sub-wave count is shown in black, the price is currently in sub-wave 5.
XRP is expected to decline towards the $ 0.175 area before a potential rebound. The long term trend is probably downward.