As an experienced analyst, I have closely monitored the XRP market and its price action over the past few months. After a promising run-up to 54 cents, bears took control of the situation, pushing XRP back towards key support at $0.43.
After XRP failed to break above 54 cents, bears took over the price action.
Key Support levels: $0.43
Key Resistance levels: $0.54
1. Downtrend Continues
At the 54 cent resistance, XRP experienced a significant reversal, leading to a prolonged downward trend nearing its present support level at 43 cents. So far, potential buyers have remained hesitant and unresponsive.
2. Key Support in Sight
XRP can potentially recover if it secures strong backing around the $0.43 mark and manages to entice new buyers. Historically, every time the price dipped to this level, XRP experienced a significant price surge, rekindling investor enthusiasm.
3. Major Bearish Cross
I’ve observed that buyers failed repeatedly to surmount the 53 cent barrier. Consequently, sellers have seized the opportunity and driven XRP into a bearish crossover on the monthly chart. This shift in price action represents a significant development. If June concludes in this manner, then XRP might experience an extended correction.
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2024-06-24 11:22