XRP Price Loses Key Support in Market-Wide Slump, Here’s What Might Come Next

XRP it fell below key support on the daily MA 50 at $0.454 on April 21 as the crypto market crash marked its third day in a row.

XRP remains in the red at press time, suffering losses on both the daily and weekly time frames. Not just XRP, but most major cryptocurrencies have fallen sharply from their recent local highs, a significant drop on a weekly time frame.

The week saw losses in the crypto market following profit booking by traders. At the time of writing, XRP is down 3.94% in the last 24 hours to $0.452 and down 13.37% last week.

As cryptocurrencies try to rally, most traders are looking for clues as to whether the current market decline represents a buying opportunity or whether the trend has turned bearish.

What's next for the XRP price?

The bulls tried to initiate a rally in XRP at every point in the ongoing market sell-off, but the bears were in no mood to budge.

At the crucial support level near $0.47, the bulls tried to stop the slide, but the bears kept up the selling pressure and pushed the price below. The bears were able to cut XRP price below the important MA 50 daily support at $0.454, which is where XRP is currently trading.

As the bulls attempt another rally, the RSI is moving slightly higher. Other advances require XRP to trade above $0.454 to recover it.

While all of this is happening, there remains a chance that XRP will trade range bound with resistance at $0.58 and support at $0.41 for a while. A break above the $0.58 level could be necessary to trigger another rally.

On the other hand, if the dips persist, XRP could see a drop to the 200 MA at $0.41, where buyers are more likely to buy the dip. In this scenario, XRP can trade in the upper range above $0.41, while a break below this key level can push XRP into the range below it.