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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 12, 2023 07:47 UTC
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XRP Price Analysis: The Crashing XRP Price Under $0.50 Can Reverse From This Level!
XRP price breaks under the month-long consolidation range.
The crashing rally warns of dropping XRP price under $0.45 to reach $0.42 or $0.40.
Following the double-top reversal in the XRP price, the Ripple market value continues to crumble. With a 42% drop in the last 54 days, the Ripple price is back under the $0.50 mark.
With the imminent death cross in the daily chart, the downtrend might fracture many upcoming support levels.
The XRP price is currently trading at $0.4723, slightly above $0.46, from where the partial victory rally initiated. This keeps the bullish reversal possibility on the cards. However, the recent consolidation range breakout in the 4-hour chart between $0.48 and $0.53 suggests otherwise.
The sharp fall of 4.55% yesterday breaks under this consolidation range with a strong red candle. Moreover, the intraday candle displays higher price rejection and an intraday fall of 0.36%, which warns of a $0.46 breakout.
With this higher price rejection, the XRP price retests the broken support level, teasing a potential post-retest continuation. Currently, the next support level for the XRP price is at $0.45 and $0.40.
Coming to the technical indicators, the RSI line in the 4-hour chart drops into the oversold region. Meanwhile, the MACD indicator displays a prolonged downtrend.
A similar condition is present in the daily chart, with the MACD indicator ready for a bearish crossover and the RSI line in the oversold region. This increases the possibility of a downtrend continuation.
How Low Will XRP Price Go?
The XRP price analysis is under extreme bearish pressure, and the breakdown of the $0.46 support level can lead to a downtrend continuation to the $0.45 mark. However, the bearish pressure might not be mitigated at $0.45, which can further continue the bearish rally. The XRP price may find support at $0.42 or $0.40 in such a case.
At such discounted levels, the XRP price can reverse from support levels present below $0.45.
Yes 
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