In simpler terms, the value of Ripple has dropped by nearly one-third (34%) in a short time, falling below its 100-day and 200-day moving averages, as well as a long-term uptrend line. It’s expected that the price will stabilize for a while before experiencing increased fluctuations.
XRP Analysis
By Shayan
The Daily Chart
Looking closely at the day-to-day price chart, it’s clear that Ripple has faced increased selling, resulting in a significant drop.
After experiencing a decrease, the cost broke through several important resistance lines, such as the 100-day and 200-day moving averages, as well as a long-term uptrend line. Nevertheless, XRP eventually found a footing near a significant support area priced at $0.47, which has generated considerable interest.
Right now, Ripple is experiencing a retreat to its previous resistance line. If this correction finishes successfully, it could indicate that the downward trend will continue. Yet, Ripple’s long-term perspective points towards a phase of sideways movement close to the significant $0.47 level.
The 4-Hour Chart
Taking a closer look at the 4-hour chart uncovers considerable price movements after the possible formation of a head and shoulders pattern. The price subsequently pulled back to this pattern’s neckline, leading to a significant drop. At $0.47, a critical support level emerged, acting as a strong resistance for Ripple sellers in the near term, potentially halting further declines.
In simpler terms, the price seems stuck between $0.47 and $0.55 for an extended period as there’s not much activity in the market right now. The balance of power between buyers and sellers remains unclear.
If the support level below is broken and the price drops successfully, there’s a good chance the bearish trend will continue, potentially reaching the $0.4 support zone. On the other hand, if buying pressure appears around $0.47, we may see a bounce back towards the $0.55 resistance level.
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2024-04-15 15:20