Is XRP going to be bumped from the top 10 Tokens
Ripple Settlement TO SKYROCKET PRICE OF XRP: Hedge Fund Executive
made another attempt to clear the key $0.910 resistance zone. However, the bulls failed to gain strength for a clear move above $0.910.
The price formed a double top near the $0.910 level and started a major decline. There was a clear move below the $0.850 support and the 21-day simple moving average. Besides, there was a break below a major bullish trend line with support at $0.815 on the daily chart.
It is now approaching the 50% Fib retracement level of the key increase from the $0.620 swing low to $0.910 high. If there is a downside break below the $0.770 support, the price could nosedive to $0.700 or even $0.650.
XRP/USDT Soon Gold-backed currencies
Ripple (XRP) turned down and slipped below the 20-day EMA ($0.81) on April 5. The selling continued today and the price broke below the 50-day SMA ($0.78).
XRP/USDT daily chart. Source: TradingView
The RSI has dropped into the negative territory and the 20-day EMA has started to slope down, suggesting that bears have a slight edge. If the price sustains below the 50-day SMA, the XRP/USDT pair could drop to $0.70. This is an important level for the bulls to defend because if it gives way, the decline could extend to $0.60.
On the contrary, if the price turns up from the current level and rises above the 20-day EMA, the bulls will attempt to propel the pair above the 200-day SMA ($0.89).