As a crypto investor, I’ve noticed a potential warning sign with Ripple. It dropped below its 200-day moving average at around $0.55, suggesting an increase in selling pressure within the market. This could be a signal for me to reconsider my investment strategy.
Yet, the price is struggling to surpass the 100-day Moving Average at $0.53 right now. If it manages to drop beneath this mark, it might lead to a substantial decrease over the next few days.
XRP Analysis
By Shayan
The Daily Chart
Taking a closer look at the day-to-day graph shows that Ripple has been consistently close to the crucial 200-day moving average priced at around $0.55. Lately, it’s dipped slightly below this mark. Now, the cost finds itself in a critical area of support, marked by the 100-day moving average at $0.53. This point serves as a significant resistance level.
If Ripple drops below its current level, we can expect a pessimistic trend in daily trading. But if buyers successfully maintain this area and keep the price above both daily moving averages, there’s a possibility for an optimistic turnaround. Nevertheless, given the present market activity, it seems more probable that Ripple will fall below $0.53, which could lead to a further decrease.
The 4-Hour Chart
On the 4-hour timeframe, Ripple is holding steady within a vital area, with a floor at approximately $0.53 and a ceiling around $0.64. The ongoing trading pattern indicates that sellers are growing more eager to push the price below the $0.53 support level, potentially causing a substantial decrease.
At present, Ripple is examining a potential support level. If the price falls beneath this point, together with the bottom line of the wedge, it could lead to a sell-off, causing the price to drop further.
If we consider the Fibonacci retracement levels, the potential next downside target falls within the range between 0.5 and 0.618. However, if the buyers intervene and hold the $0.53 level steady, a possible recovery up to $0.60 could occur subsequently.
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2024-09-06 17:48