Ripple's XRP crashes over $ 0.46 amid the turbulence of the encrypted market

• Ripple shakes off the pressure of the bear by aiming for $ 0.5.
• The short-term trend is bearish as the price reacts to the growing wedge pattern.

The ripple broke down the recent bloodbath that sent the spiral market like a dead weight in the air. The cryptocurrencies have lost 26 billion dollars in less than 12 hours. Although there was a slight upward correction, the total market capitalization stood at $ 183. Bitcoin (BTC), the market leader, marginally traded above $ 5,500 after a $ 5,200 withdrawal. The currency has been trading in the last two months between the limits of $ 6,800 and $ 6,200. However, this week's slide saw it fall into another range with a resistance of $ 5,600 and support for $ 5,200.

The price of the ripple, on the other hand, was able to shake off the pressure of the bear. In addition, while other assets have difficulty staying afloat, the XRP / USD has renewed the uptrend from the support at $ 0.42 going to $ 0.5. However, earnings are limited to $ 0.49 while the token is trading at $ 0.0.466. Ripple resurfaced support at $ 0.42 yesterday but rebounded above $ 0.47. The crypto traded highs of $ 0.49 during the day.

Ongoing is the reaction to a growing wedge pattern on paper 15. The price is broken under the support of the model. The initial support is $ 0.46 (and the downtrend line). The second support is highlighted at $ 0.45 while the recent lows close to $ 0.42 make the third and most important support for the zones.

From the indicators like the MACD, we see that the bears are gaining traction. The signal line has crossed the negative. The RSI has consistently retired from levels around 69.69 and is currently down 36.39. The short-term trend for XRP is bearish, but if buyers can defend support at $ 0.46, then we could see an upward move on the road at $ 0.5.

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XRP / USD 15 chart