XRPUSD has broken below the key long-term support at $0.65. XRPUSD not only has the SEC lawsuit as a major burden, it’s price behavior is also closely tied to major cryptocurrencies like Bitcoin, thus the recent selling pressures could not leave XRP unaffected.
Red line -major resistance
Green lines – support trend lines
On a weekly basis price is about to break below the key upward sloping green support trend lines. XRP is approaching the June – July lows around $0.50. This is the last support level until $0.35. Even in the Daily chart the RSI is not providing any bullish divergence. Technically XRP should continue lower with bounces higher on the way to form lower highs. It is clear that bears remain in control of the trend in XRP. There is no sign of a reversal, on the contrary, currently it looks more probable for price to break next support level.
The material has been provided by InstaForex Company – www.instaforex.com