As a seasoned researcher with years of experience navigating the cryptocurrency market, I’ve seen my fair share of ups and downs – and Ripple’s current situation reminds me of a rollercoaster ride!
After a significant drop, Ripple is currently going through a phase of minor adjustment before potentially rising again, with its price hovering around the $0.5 area.
Despite encountering a strong barrier, there’s a possibility that this asset might be rejected and could drop, attempting to regain its $0.5 support level afterwards.
XRP Analysis
By Shayan
The Daily Chart
Lately, Ripple’s value dropped substantially and approached the $0.5 region, which has been a robust base for this asset over the past few months. Following its arrival at this crucial support point, XRP went into a phase of correction and consolidation, moving back towards the 100-day moving average that it previously breached, approximately at $0.57.
During this period of reduced market action and little price fluctuation, there’s often an indication that a correction might be wrapping up. Currently, the 100-day Moving Average serves as a significant level of dynamic resistance. If selling pressure escalates near this zone and prices are pushed back, it could signal the end of the correction process.
As a crypto investor, I’m keeping a close eye on Ripple. If it continues its downward trend, I anticipate it might reach the $0.43 support level as its next long-term goal. On the flip side, if it manages to break above its 100-day moving average, this could lead to a short squeeze, possibly pushing the price up towards $0.62.
The 4-Hour Chart
On the 4-hour chart, Ripple’s recent dip has been held up by important Fibonacci support levels at $0.52 and $0.49. These areas have served as significant demand zones in recent months. This strong support area successfully stopped the fall, leading to a brief period of consolidation before encountering resistance at approximately $0.56.
Currently, XRP is emerging inside a bearish continuation flag pattern, which suggests the potential for further downside. If the price breaks below the flag’s lower boundary, sellers will likely attempt to push it below the 0.5 Fib level ($0.52) to resume the bearish decline. However, a breakout above $0.56 could trigger short liquidations, leading to a sharp rally as traders close their short positions.
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2024-10-21 14:24