Ripple Bears Aim For $0.42 As XRP Nosedives: Price Analysis

Ripple bears aim for $0.42 after the coin started dropping and broke the $0.5300 support against the US dollar. XRP’s price is trading below the $0.5000 and it could even go lower to $0.4200 so let’s take a closer look at the Ripple price analysis.

The price is now trading below $0.5000 and the 100 simple moving average but there was also a break below the major declining channel with the support of $0.5400 on the 4-hour charts of the pair. XRP//USD is gaining more bearish momentum and could continue lower towards $0.4300. After the sharp spike towards After the sharp spike towards $0..
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6500, the XRP price started a steady decline and it traded below the $0.600 and the $0.550 support levels but there was a strong drop in BTC and eTH as well which resulted in more losses.

There was a crucial downside break below the $0.5300 support level and the 100 simple moving average but there was also a break below the declining channel of the support near $0.5400 on the 4-hour charts of the pair. The pair settled below the $0.500 support level and traded below the 50% fib retracement level from the key upward move at $0.4391 swing low to $0.6585 high so this means that the doors were open for more losses below $0.4800. XRP’s price is trading below the 76.4% fib retracement level of the key upward move from $0.4391 swing low to the $0.6585 high. More losses could lead the price towards $0.4500 as the Ripple bears aim for a lower movement.

If Ripple starts a new recovery wave, there could be many hurdles along the way starting with the $0.500 one. The first major resistance for the bulls could be near $0.5250 and the $0.5300 levels. The main resistance is now forming near the $0.5500 level and the 100 simple moving average so a close above the $0.5300 level and the $0.550 level could start a new rally higher. The technical indicators show that the MACD for the pair is gaining momentum in the bearish zone while the 4-hour RSI shows that the index is below the 50 levels for the XRP/UDS pair.

As recently reported, Garlinghouse told the Fortune Magazine expects that the SEC will sue the company for selling unlicensed securities and that he and co-founder Chris Larsen will be named as co-defendants in the lawsuit that will likely be brought up in the near-future. The price of XRP Dropped by more than 15% as of Monday after the news emerged.