As a seasoned cryptocurrency trader with years of experience under my belt, I’ve seen my fair share of market fluctuations, and the recent trend in XRP has left me feeling rather bearish. The price action earlier this month saw sellers take control, resulting in a significant downturn.
XRP’s price trend became bearish around the start of this month as buyers gave way to sellers in charge of the market. To better understand the present situation and potential future developments, let’s explore several technical indicators:
Key Support levels: $0.43
Key Resistance levels: $0.54
1. Ripple Price Loses Key Support
Regrettably, the 54 cent mark, which previously functioned as support for bulls, has shifted and become a significant barrier for further advancement. If purchasers fail to retake this position, then the XRP price may retrace back to the critical support at 43 cents.
2. Momentum Turns Bearish
Starting from early March, XRP failed to reach a higher price than its previous peak, instead initiating a lengthy decline. This downward trend reached a bottom at approximately 43 cents during the market turmoil in mid-April. The current outlook is bearish, and it’s crucial for the price to hold above this level to prevent further declines.
3. MACD Shows Bears are in Control
This month, the MACD indicators took a turn towards bearishness with a weekly crossover. The moving averages have been on a downward trend, and the histogram has been recording lower lows. Until we see a change in this pattern, it’s unlikely that we’ll witness a reversal.
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2024-04-25 16:50