What Does XRP’s Breakdown Indicate for the Future Movement?

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In Brief
  • The XRP price has broken down from a descending triangle.

  • The closest support level is found at 1,500 satoshis.

  • XRP/USD has broken down from a long-term ascending support line.

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In the beginning of May, both the XRP/USD and XRP/BTC pairs broke down from important support levels, possibly indicating that the previous upward trend has ended. While the XRP/BTC price had been previously showing signs of weakness, the XRP/USD decrease was more unexpected, possibly occurring as a result of the decrease in the price of Bitcoin. Cryptocurrency trader @Cryptodonalt

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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