Bitcoin, which has soared sharply higher over the last few months, has suddenly turned, losing almost 15% in value earlier this week.
Ripple’s XRP, the #3 cryptocurrency by market cap, is also in the red with a nearly 10% loss during the same period.
Where will XRP/USDT be trending in the near term?
After a divergence formed on MACD, Ripple’s price started declining until it broke through the support line of $0.29. It might imply further decline up to the long-term support line around 0.28.
A new monthly low was formed near $0.381 before the price started a fresh recovery, however, XRP is now facing resistance near the $0.405 level.
If XRP price breaks through the resistance line marked at 0.4785, it will signal the start of a stable ascending trend.
On the other hand, if the price struggles to move above $0.42 and $0.43 mark, it could decline once again and might open the doors for more losses towards $0.385.
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