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HomeCrypto NewsMarketXRP Faces Last Line of Defense Against a Drop to $0.40

XRP Faces Last Line of Defense Against a Drop to $0.40


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Following its solo rally, XRP has witnessed a downtrend with the rest of the markets, as it currently faces its last line of defense against a drop to $0.40.

The occasional market-wide declines have erased some of the gains picked up by XRP during its solo March rally. The asset has dropped by over 20% since the local top of $0.5850 observed on March 29. Following these intermittent declines, XRP is currently at its line of defense against a dip to the $0.40 territory.

The ongoing correction battered XRP to a low of $0.4329 yesterday before the bulls engineered a comeback above the price point. The delayed ruling on the Ripple vs. SEC case has compounded investors’ angst, leaving XRP at the mercy of the broader market.

Consequently, the market-wide decline triggered its recent retracement, with a descending trendline championing the XRP current correction. Despite a modest comeback, XRP has failed to solidify its position above $0.46, confirming that another drop below $0.45 could be in the works.

Amid an elongated consolidation observed between March 29 and April 18, XRP formed a symmetrical triangle on the daily chart, indicating that a breakout to either the upside or downside is possible. The asset broke to the downside and has remained a downtrend since then.

XRP symmetrical triangle

XRP must stay above the $0.45 price level to maintain a firm defense against a drop to $0.40. XRP last line of defense above $0.40 is the $0.43 price level, which, if broken, could spark a dip to the $0.40 territory.

Egrag Crypto, a notable analyst, previously opined that XRP could soon retest the $0.40 level. Should the bears extend the downtrend, XRP’s next support sits at the mid-March low of $0.36.


XRP is changing hands for $0.4590, down 3.65% in the past 24 hours. The asset’s reclamation of the previous highs above $0.50 hinges on its ability to maintain solid support against a drop below $0.45. XRP’s only key resistance below $0.50 currently sits at $0.48. If the asset can conquer this point, a surge to $0.50 could follow suit.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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