XRP Price Turns Red As Risk of More Downsides Escalate

Jan 31, 2024 12:00 pm Cryptocurrency 100

XRP price is moving lower below the $0.5200 support. The price could gain bearish momentum if there is a close below the $0.50 support.

XRP is showing bearish signs below the $0.525 and $0.512 resistance levels.

The price is now trading below $0.520 and the 100 simple moving average (4 hours).

There was a break below a key contracting triangle with support at $0.5220 on the 4-hour chart of the XRP/USD pair (data source from Kraken).

The pair is now at risk of more downsides below the $0.5000 support zone.

XRP Price Takes Hit

In the past few days, XRP price heavy bearish moves below the $0.550 support. The bears remained active near the $0.5500 resistance and protected a recovery wave, unlike Bitcoin and Ethereum.

There was a fresh decline from the $0.5389 high and the bears pushed the price below $0.5200. There was ..

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