As a seasoned researcher with years of market analysis under my belt, I’ve seen my fair share of cryptocurrency rollercoasters. The recent movement of XRP has been no exception – it’s like watching a game of ping-pong between key resistance and support levels.
Ripple is experiencing significant downward demand close to a vital resistance area, which is approximately $0.55, as marked by both its 100-day and 200-day moving averages.
This situation has caused a significant drop, possibly followed by a prolonged phase of stability. Currently, the asset is close to an important area that might induce a temporary pause in its movement, potentially leading to a period where it moves sideways instead of up or down.
XRP Analysis
By Shayan
The Daily Chart
On the daily graph, there was an increase in selling pressure as XRP neared the $0.55 resistance point, which is where the 100-day and 200-day moving averages meet. This region, being a substantial supply area, saw a decline in price after the level was rejected, resulting in a 14% drop.
Currently, Ripple is examining the $0.5 mark for potential support, a zone that has been robust since the second half of July. If this level manages to draw sufficient buying activity, it could potentially curb the downward trend and trigger a period of stabilization before any new directional movement occurs.
The 4-Hour Chart
Looking at the 4-hour chart, it’s evident that Ripple’s price movement is tilted towards a bearish trend. This is indicated by a progression of lower peaks and troughs, creating an unmistakable downward trajectory. Lately, the price has dropped below the lower limit of the bearish pennant, suggesting that the downtrend will persist.
Ripple has now entered a significant support zone between the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels. If the price manages to break below the 0.618 Fibonacci level, a further decline toward the $0.46 support is possible. However, if the asset finds support in this region, a period of consolidation could ensue in the short term.
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2024-10-28 09:02