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XRP Price Loses Key Support in Market-Wide Slump, Here's What Might Come Next

Sat, 04/22/2023 - 11:29
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Tomiwabold Olajide
Week saw losses in crypto market following profit-booking by traders
XRP Price Loses Key Support in Market-Wide Slump, Here's What Might Come Next
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XRP slipped below the key support at the daily MA 50 at $0.454 on April 21 as the crypto market downturn marked its third consecutive day.

XRP remains in the red at press time, sustaining losses both on the daily and weekly time frames. Not only XRP, but most major cryptocurrencies have fallen sharply from their recent local highs, down significantly on a weekly time frame.

The week saw losses in the crypto market following profit-booking by traders. At the time of writing, XRP was down 3.94% in the last 24 hours at $0.452 and down 13.37% in the past week.

As cryptocurrencies attempt to recover, most traders keep an eye out for clues on whether the current market decline represents a buying opportunity or if the trend has turned bearish.

What's next for XRP price?

Bulls tried to start a recovery in XRP at every point in the ongoing market selloff, but bears were in no mood to give in.

Millions of XRP Grabbed by Whales, Important XRP vs. BTC Signal Appears

At the crucial support level near $0.47, bulls made an attempt to stop the decline, but bears kept up the selling pressure and drove the price below it. Bears were able to lower the price of XRP to below the important daily MA 50 support at $0.454, which is where XRP is presently trading.

As bulls attempt yet another recovery, the RSI is moving slightly upward. Further advances require XRP to trade above $0.454 to regain it.

Millions of XRP Shifted Ahead of Potential Support: Details

While all this is happening, the likelihood remains that XRP might trade inside a range with resistance at $0.58 and support at $0.41 for a little while. A breach above the $0.58 level might be necessary to trigger a new rally.

On the other hand, if the declines persist, XRP might witness a drop to the MA 200 at $0.41, where buyers are most likely to purchase the dip. In this scenario, XRP may trade in the upper range above $0.41, while a break below this key level may push XRP into the range beneath it.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.