On April 21, the third day of the crypto market decline, XRP fell below the critical support at the daily MA 50 at $0.454.
At the time of publication, XRP was still losing money on a daily and weekly basis. In addition to XRP, most key cryptocurrencies have also dropped dramatically on a weekly time scale from their most recent local highs.
The crypto market saw losses last week as a result of traders booking profits. At the time of writing, XRP had down 13.37% over the previous week and was down 3.94% over the previous 24 hours at $0.452.
Most traders watch for signs that indicate if the current market downturn is a buying opportunity or if the trend has changed to negative as cryptocurrencies try to rebound.
What’s next for XRP price?
At every stage of the continuing market selloff, bulls attempted to kick-start a comeback in XRP, but bears were in no mood to give in.
Bulls attempted to halt the drop at the critical support level around $0.47, but bears kept up the selling pressure and pushed the price below it. XRP is currently trading at $0.454, below the crucial daily MA 50 support, as bears managed to drive down the price.
The RSI is marginally rising as bulls seek yet another rebound. For further gains, XRP must trade above $0.454 in order to recoup it.
The possibility that XRP will trade inside a range with resistance at $0.58 and support at $0.41 for a while during this time continues. A break over $0.58 may be required to start a fresh rise.
However, if the drops continue, XRP might fall below the MA 200 around $0.41, where investors are most likely to buy the dip. In this case, XRP may trade above $0.41 in the higher zone, while a break below this important level might drive it into the lower range.
