• Ripple’s price has been declining over the past few months after failing to break through a key resistance level.
• It is now in a critical area, and the result could determine its mid-term trend.
• The market could quickly fall towards $0.3 or lower if it breaks below the key support at $0.42 and the 200-day moving average.

Overview of Ripple Price Analysis

Ripple’s price has been sinking over the last few months following a clear rejection from a key resistance level. It is currently within a decisive area, and the outcome would likely determine the mid-term trend of the market.

XRP/USDT Daily Chart

The price has been making lower highs and lows recently, following the significant rally in early May. The bearish reversal at the $0.6 area has initiated the current downtrend, but the cryptocurrency is currently testing a key support level around both the $0.42 mark and the 200-day moving average. A break below these levels would be catastrophic for Ripple, as the market could rapidly plunge toward $0.3, and potentially even lower, in the short term. On the other hand, if a rebound occurs, then 50-day moving average nears $0.48 would be targetted in coming days.

XRP/BTC Daily Chart

Against BTC, XRP’s price is still trapped inside a large descending channel after failing to break above it on numerous occasions. The 50-day moving average near 0.000017 level has also been broken to downside & 0.000015 support is currently being penetrated which can lead further decline towards 0