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- XRP is trading $ 0.245 below the lower trend line of an ascending channel formed on the daily chart.
- The digital asset is likely to slide towards $ 0.21 if the bulls cannot defend the critical support level at $ 0.248.
XRP attempted to get out of an ascending triangle on October 22 but failed. The fakeout took the digital asset into a correction period for the next five days, losing the 100-SMA as a support level.
XRP can drop to $ 0.21 if this support level is lost
On the daily chart, the most critical support level is set at $ 0.248, the lower boundary of the ascending triangle pattern. The current price of XRP is below $ 0.2451, which means that the bulls are at risk of losing the support level.
XRP / USD daily chart
Furthermore, the MACD has just turned bearish for the first time since October 16th. Using the height of the ascending triangle, we can determine the potential bearish price target around $ 0.21.
The only chance for XRP to survive is to defend $ 0.248
On the other hand, if the bulls manage to defend the support level at $ 0.248 and close it above it, it will simply be considered a retest of the lower bound. The last time the MACD went bearish, sellers didn’t see much following.
Furthermore, the 50-SMA currently acts as a strong support level at $ 0.245. XRP could jump to $ 0.26, the pattern’s upper trend line. A breakout above this point will drive the digital asset towards $ 0.30.
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