XRP at Risk of Falling to $0.55 as It Tests Key Support

XRPUSDT is displaying the formation of a descending triangle. This pattern emerged after the cryptocurrency recorded a sequence of lower highs over the past week. Traders and investors should closely monitor the lower boundary of this triangular pattern, situated at $0.5915. If XRP breaches this level, it could potentially decline to the $0.55 range in the near term.

However, there is a possibility that this bearish outlook could be invalidated if XRP manages to sustain a position above the $0.5915 support for the next five days. In this more optimistic scenario, XRP might make an attempt to ascend towards the $0.6385 level in the following week.

It's worth noting that both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on XRP's daily chart are signaling bearish conditions. The MACD line is positioned below the MACD Signal line, and the RSI line is below the RSI Simple Moving Average (SMA) line. These technical signals suggest that XRP's price may continue its downward trajectory.