XRPUSD has broken below the $0.50 support level. Like most cryptocurrencies, XRPUSD is not the exception. Price remains under pressure while price exits the long-term triangle pattern to the downside. In previous posts we warned traders many times that as long as price remains below the upper triangle boundary, bears would remain in full control.
Red line - major resistance
On a weekly basis XRPUSD is attempting a major break down. Price is breaking below the $0.50 that was held in two previous occasions. Trend remains clearly bearish. With this week's break down we can not rule out a deeper move lower towards $0.15. Trend change on a weekly basis can be considered only if price breaks above the red downward sloping resistance trend line. Until then, bears are in control of the trend.