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XRP Danger Zone: Brace for Impact as $0.48 Looms Amidst Bearish Trends!




Threat looms that XRP may go below $0.50 as the coin fails to surpass a key resistance.

Currently trading at $0.51, XRP is down 2% in the past 24-hours. Over the week Ripple’s native have lost value by 1.67%.

It was on August 20th that XRP was able to reach $0.50 for the last time. Since then, the coin is trapped between $0.55 and $0.50. While $0.55 is serving as a key resistance, $0.50 is providing crucial support.

Because XRP has been operating in a very narrow range for quite a while now, the stagnance may give way to a retracement below $0.50. Below $0.50, XRP should get support at $0.48.

On the other hand if XRP succeeds to break through the $0.55 resistance level, the next resistance would be at $0.60. Considering the current market sentiment, XRP’s downwards movement is more likely than the upwards movement.

Some key technical indicators also picture a similar scenario. XRP is currently below 55 simple moving average (4 hours), which is $0.525. MACD also seems to be losing momentum in the bullish zone. Further, XRP’s RSI is below 50, which is not a bullish signal either.

It is notable, however, that any significant development in the SEC-Ripple lawsuit will have a considerable effect on XRP’s price behavior.

We have seen just last month that following the issuance of summary judgement by the court, XRP had skyrocketed to $0.92 from the low of $0.47 within hours.

Although, any such movement will be short term and XRP will eventually move with Bitcoin. Which is clearly in a stalemate at the moment. Trading fractionally above $26k, the premier crypto is down 27% over the month.

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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