XRP/USD Prepares for a Plunge at $0.58 – Price Forecast

Ripple’s price faces a southbound with probability to drop to the crucial support zone at $0.50.

Vital resistance levels – $0.75, $0.80 and $0.85

Vital support levels – $0.45, $0.40 and $0.35

XRP/USD witnesses slide beneath the 9-day SMA, and the 21-day MA as the alternative asset appears to revisit the support at $0.50 before registering new uptrends. Ripple experiences a slow and consistent southward plunge after struggling to claim the $0.60 mark. With the current bearishness dominating the XRP market, the asset might target vital support near $0.55. At the moment, Ripple’s XRP trades in bearish territory.

XRP Might Plunge Further

While writing this content, the XRP price hovers around the $0.56 zone. If the asset remains beneath 9 –d SMA and the 21-d SMA, its price will dip to the lower border of the price channel. Nevertheless, traders can expect a buy entry around the $0.50 support. However, they have to consider the resistance zones at $0.75, $0.80, and $0.85.

Meanwhile, in case the coin falls to register price rebound, bearishness might influence massive selling. With that, XRP might see its price retesting the $0.45 mark, indicating plunges to the support level at $0.40 and $0.35. Moreover, the RSI (14) has chances to cross to the oversold territory. The crypto asset might see further drops if this signal line fluctuates downward.

For now, XRP trades sideways against the leader, BTC, beneath the 9-d and 21-d MA. In case of a rebound, the asset would experience an uptrend with extended bullishness towards the resistance zones at 2,400 SAT and 2,200 SAT.

XRP-BTC Daily Chart

According to the daily price chart, the pair might drop beneath the channel. Moreover, the closest support zone is around 1,400 SAT and 1,600 SAT. The RSI shows movements beneath the 38-zone. That indicates downtrends awaiting the pair.

If you are interested in XRP, beware of the bearishness surrounding the Ripple network for now. The alternative coin can plunge to explore the $0.58 area. Most indicators suggest a bearish outlook awaiting the Ripple market. Some analysts claim that it is the correct time to purchase the dip. What do you think? Comment below.