Hello, welcome to this XRP/USDT 1DAY chart update by CRYPTOSANDERS.
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CHART ANALYSIS:- On the daily chart, the negative momentum slowed marginally as the asset approached the support zone in the $0.3 to $0.33 region (in green). However, this cannot be considered the end of the downward spiral.
After 50 days, XRP hit the descending line (in yellow), which now serves as support. If the pair closes below this level, the price is anticipated to fall to around $0.24- something it has not seen since January 2021. Until the price can reclaim resistance at $0.42 (in red), it is premature to talk about the end of the downtrend.
A break and close below $0.30 would likely be accompanied by heightened selling pressure. In this circumstance, a prolonged bear market becomes very likely.
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