XRP / USD testing critical support, $ 0.33 on sight

• The XRP rally did not materialize as the price fell below the 200-period EMA on the 4-hour chart.
• A break below the support line of a symmetrical triangle will target $ 0.33.

He Ripple’s XRP is losing ground fast. The third-largest cryptocurrency has lost more than $ 6 billion of its value in the last 24 hours as selling pressure has been building since last weekend.

At the time of writing, the XRP / USD is trading at $ 0.48, losing 4% in the last 24 hours and 18% in the last week. Ripple’s average daily trading volume dropped to $ 8.6 billion, while its market capitalization fell to $ 21 billion.

XRP recovery at risk

The bullish signals on the short-term charts of XRP / USD did not materialize as the token continued to move down and the price It fell below the immediate support created by the 200-period EMA on the 4-hour chart and approached $ 0.48. This barrier coincides with the support of the descending triangle.

Based on this technical training, XRP still it could bounce from this support towards the $ 0.53 region. However, further recovery may be limited as this barrier is reinforced by the 50 EMA on the 4-hour chart. Only a sustainable move above this zone will invalidate the bearish scenario and put the recovery back on track.

XRP / USD 4-hour chart

Meanwhile, if the price breaks below the triangle support at $ 0.48, the decline will continue towards the estimated target of $ 0.33 or less. The next strong support is at 0.32$as this area served as significant resistance during the recovery attempt in August. Being able to hold above this support would confirm that bullish momentum resumes.