XRP Loses Long-Term Support after Significant Drop

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In Brief
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The XRP price decreased considerably last week and proceeded to reach a close below the $0.32 area, which had previously been acting as support.



Until XRP reclaims this level, the long-term trend is considered bearish.


Long-Term XRP Levels

The weekly chart shows that XRP has decreased to reach a close below the $0.32 area. This is a level that had been acting as support since it initially broke out in November. 



This is a significantly bearish development that suggests that it might head lower since the $0.32 area is expected to act as resistance now.

XRP is currently trading just above support at $0.21. If this support area breaks down, the next would be found at $0.175.

Technical indicators are decisively bearish. The Stochastic oscillator has made a bearish cross and the RSI has crossed below 50.

XRP Chart By TradingView

Cryptocurrency trader @tradingTank outlined an XRP chart, hypothesizing whether or not it will be able to hold on above crucial support amid particularly negative news.

The readings and price movement from the weekly chart suggest that XRP will not be able to hold on. In order to have a clearer picture of the movement, we need to take a look at the daily chart.

Source: Twitter

Breakdown Below Support

The daily chart shows that XRP has also broken down below an ascending support line that had previously been in place since March.

This is another bearish sign that suggests lower prices are on the horizon. Similar to the weekly time-frame, technical indicators for the daily time-frame are also bearish.

XRP Chart By TradingView

The two-hour chart shows another breakdown, this time from the minor $0.27 support area. There are no bullish reversal signs in the two-hour chart either.

XRP Chart By TradingView

Wave Count

The wave count for XRP is similarly bearish, suggesting that it is in an extended third wave (orange), which is likely to take it to the previously outlined $0.175 support area. After a possible bounce, it could then decrease once more.

The sub-wave count is given in black, with the price currently being in sub-wave 5.

XRP Chart By TradingView


XRP is expected to decrease towards the $0.175 area before possibly bouncing. The long-term trend is likely bearish.

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Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.


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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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