XRP broke and closed below the 50-day SMA ($0.62) on Aug. 15, signaling that the bears remain in control.
The XRP/USDT pair could descend to the breakout level of $0.56. This remains the key level for the bulls to defend because if this support gives way, the selling could pick up and the pair may dive to $0.45.
Contrarily, if the price rebounds off $0.56, it will suggest that the bulls are trying to flip the level into support. Buyers will have to overcome the barrier at the moving averages to start a stronger recovery to $0.74.
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