'Ripple' below $0.5, bearish concerns continue...what's next?

▲ Ripple (XRP)

Ripple (XRP) temporarily broke above the $0.5 mark overnight, but the move didn't last long, with $0.5 still acting as a key resistance level and bearish concerns not completely gone.

Crypto news platform FXStreet reported that a bearish pattern has formed on Ripple's chart, characterized by a descending ascending trendline. Ripple reached the uptrend line several times between May 25 and June 6. The downtrend line at $0.4917 between May 25 and June 10 acted as support.

On the daily chart, the Moving Average Convergence Divergence Index (MACD) is below the neutral line, signaling bearishness. The Relative Strength Index (RSI) stood at 39.53, which was observed to decline to levels closer to the oversold zone of 30.

Ripple currently has support at $0.4717, the 23.6% Fibonacci retracement level of the April 9 high ($0.6431) to April 13 low ($0.4188), with a downside target of $0.4508, about 10% below the June 7 low.

Blockchain specialist media FX Leaders predicted that the bears will extend their influence in the short term, neutralizing the price recovery attempts made by Ripple bulls over the weekend. The media outlet believes that if the price fails to reach $0.55, the lower end of Ripple's support zone at $0.46 will be the next critical price action point.

Cryptopotato echoed the outlook of analyst Matthew Dixon, who predicted that Ripple is in the midst of a price correction, with a short-term pullback followed by a larger move higher.

Dixon predicted that U.S. consumer price index (CPI) data due out this week will fuel the price decline, but added that with interest rates falling, investors will be rewarded for the decline in Ripple recorded as a result of the CPI.

Cryptocurrency investor Jason A. Williams, author of Bitcoin: Hard Money You Can't F*ck With, predicted that Ripple could fall to $0.27 in the next bullish cycle. On the other hand, he expects Bitcoin (BTC) and Ethereum (ETH) to surge to $330,000 and $12,000, respectively, in the next bull cycle.