As an experienced analyst, I’ve closely monitored Ripple’s (XRP) price action and have formed a bearish opinion based on the current market sentiment and chart analysis. The daily chart shows that XRP broke below its multi-month ascending trendline and retraced toward the $0.45 threshold. Although buyers attempted to rebound, the price failed to hold above the breached trendline and key moving averages around $0.59.

Following a substantial decline, Ripple dropped beneath its long-term upward trendline and moved back towards the broken level, thereby finishing a correction.

As a researcher observing the current market trends, I notice that the recent price action indicates a bearish outlook. This could signal a prolonged downturn in the market, with potential for further declines.

XRP Analysis

By Shayan

The Daily Chart

After carefully analyzing XRP‘s daily price chart, it’s clear that the cryptocurrency experienced a significant drop beneath its prolonged uptrend line, drawing closer to the $0.45 support level. Nevertheless, buyers intervened, triggering a bullish recovery leading back up to the earlier broken trendline at $0.56 and the 100-day and 200-day moving averages around $0.59. Consequently, XRP completed a correctional bounce.

As a researcher studying the current market trends, I’ve noticed that despite the recent price surge, the overall sentiment towards Ripple (XRP) remains bearish. The potential for a prolonged retracement back to the critical support level of $0.45 is high. Therefore, XRP is likely to continue trading within the established price range defined by the $0.45 support and the resistance zone of $0.59 until there’s a significant breakout.

The 4-Hour Chart

Taking a closer look at the 4-hour chart, it is clear that Ripple found support around $0.49 after a significant drop. Following this, there was a bullish reversal as Ripple moved towards resistance areas defined by the price ranges between $0.5310 and $0.5574 based on Fibonacci levels.

At this crucial point, the high price caused increased selling, reinforcing the downward trend that had begun earlier.

XRP sellers are attempting to push the price above the significant $0.49 mark, which could lead to a substantial increase in buying pressure and a long squeeze. However, it’s more probable that the price will stay within the boundaries set by the support at $0.49 and resistance at $0.5310 and $0.5574, suggested by the Fibonacci levels. This suggests the market is likely to keep consolidating in its present condition.

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2024-04-30 22:57