Long-Term Support Proving Vulnerable as Prices Drop

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XRP/USD is challenging long-term support levels with prices not seen since March of 2021, as broad cryptocurrency market nervousness rips through the trading landscape.

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XRP/USD remains under a vast amount of pressure in early trading this morning.  Ripple has challenged the 47 cents level a couple of times in the past day. While the price of XRP/USD has recovered slightly the fact that it is trading below the 53 cents mark is not about to start a parade of buyers who will proclaim the lows have been seen and a strong reversal is underway. The broad cryptocurrency marketplace is suffering from a sea of losses and XRP/USD is among the victims.

Speculators who are willing to wager on price direction under the present trading conditions need to acknowledge the market is dangerous. XRP/USD like many of its major counterparts has brushed aside long term technical support levels.  Values are now hitting ratios not seen in over a year, which underscores the magnitude of the bearish trend which has shown its claws and produced steep declines.

Price velocity in XRP/USD has been fast. On the 6th of May XRP/USD was trading above the 61 cents juncture, early this morning’s low of 47 cents represents a price change that is strong and shows why speculators need to use cautious amounts of leverage. Traders who have been wagering on downside price action may be inclined to pursue additional drops in value from XRP/USD, but they are also advised to cash in profitable trades before they vanish into thin air.

Bullish speculators who believe the crypto market is vastly oversold may still be within the midst, but the bearish trend has made their speculative bets dangerous. Positions seeking upside price action may seem like a rather logical decision, but take profit orders should be used to capture winning positions quickly, because downside price action is likely to resume if behavioral sentiment remains poor.

If the 51 cents XRP/USD level fails to hold in the short term, further tests lower could be demonstrated quickly. Traders looking for upside should keep their targets realistic and be able to make fast transactions. Sentiment can be described as more than fragile under the present trading conditions. The bearish trend has not only created downward momentum, but created the need for technical traders to find long term charts and consider further declines which some may have believed were impossible.

Ripple Short-Term Outlook

Current Resistance: 0.53100

Current Support: 0.50450

High Target: 0.54170

Low Target: 0.44580

XRP/USD

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