The occasional market-wide declines have erased some of the gains picked up by XRP during its solo March rally. The asset has dropped by over 20% since the local top of $0.5850 observed on March 29. Following these intermittent declines, XRP is currently at its line of defense against a dip to the $0.40 territory.

The ongoing correction battered XRP to a low of $0.4329 yesterday before the bulls engineered a comeback above the price point. The delayed ruling on the Ripple vs. SEC case has compounded investors’ angst, leaving XRP at the mercy of the broader market.

Consequently, the market-wide decline triggered its recent retracement, with a descending trendline championing the XRP current correction. Despite a modest comeback, XRP has failed to solidify its position above $0.46, confirming that another drop below $0.45 could be in the works.

Amid an elongated consolidation observed between March 29 and April 18, XRP formed a symmetrical triangle on the daily chart, indicating that a breakout to either the upside or downside is possible. The asset broke to the downside and has remained a downtrend since then.

(by Albert Brown)