XRP Price Drops Below $1.50: Can Bulls Break Through Resistance?

XRP price dropped below $1.50 on Monday morning after a 2.9% daily drop, trading around $1.47. This is not necessarily the end of the world, but it's an important level that will decide the whole week.

The chart shows that XRP has been printing lower highs since its local peak near $1.63 on September 23. A second attempt at $1.60 on September 25 failed, and since then the price has been bleeding slowly from $1.55 to $1.52 to $1.50, and now $1.47.

The daily chart shows that XRP is still above its 200-day EMA, with the long-term average sitting at $1.37 and curving upward for the first time since spring. The first downtrend line was broken in mid-September when XRP pushed back above $1.50, triggering a rally to $1.67.

Now, a second downtrend line is in play, running toward $1.20 by mid-November. Breaking this line is the job for October, according to the chart.