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.
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.
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