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  • Ripple has embarked on a trip downstream threatening $0.50 and $0.49 support zones.
  • Ripple spiked yesterday following the positive news from CoinField Exchange.

Ripple has become the darling of the cryptocurrency world in the past one week. The upswing has been able to break various key resistance barriers on the upside. The surge that broke above the resistance at $0.5 on Wednesday extended past $0.57 but stalled short of $0.58. As reported by FXStreet, CoinField Exchange announced its intentions to make XRP the base currency on the platform.

The price shot up following the above news, however, XRP/USD began trimming the accrued intraday gains toward the close of the session. Ripple price is currently trading in the red after failing to trade above $0.54. The downtrend has broken below the trendline support at the 38.2% Fib retracement level with the last upswing of $0.574 and a low swing of $0.44. The ongoing trend is bearish, although it is likely that the buyers will defend the support at $0.50.

Nevertheless, if the short-term support fails to hold, XRP/USD is strongly supported at $0.490 (marginally below the 61.8% Fibonacci level) on the 1-hour timeframe chart. The MACD is heading towards the negative region, which indicates that the sellers are increasing their grip on the price. If push comes to shove and the declines extend, the support earlier in the week at $0.440 is in place to halt all movements heading to $0.30.

XRP/USD 1-hour chart