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The decline in XRPUSD has stopped at $0.5457. Price is trading between $0.54 and $0.63. As we explained in previous posts, XRPUSD broke below two key support trend lines and remains vulnerable to a move lower.
Green line- horizontal support and June-July 2021 lows
XRPUSD is in a bearish trend. This is very clear as price continues making lower lows and lower highs. Next major support is found at $0.50 where we find the June-July lows of 2021. The RSI on a daily basis has not provided any reversal warning. There is no bullish divergence in the RSI and this implies that we should expect more downside. The chances of breaking below $0.50 remain high. Price could produce a bounce from $0.50 as it is very important horizontal support. As long as price holds above $0.50, there are also chances that a strong multi week bounce can follow and push price towards the major resistance trend line towards $1. Concluding, this is not the time to be bearish XRPUSD as it approaches major support. Nevertheless trend remains in control of the bears. There is still no sign of a reversal.
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