As a seasoned analyst with years of experience navigating the volatile waters of the cryptocurrency market, I’ve seen bull runs and bear markets come and go. The latest price action in Ripple (XRP) has been no exception, as it recently faced significant selling pressure after being rejected at the critical $0.65 resistance level.
As an analyst, I’ve noticed that Ripple experienced a substantial downturn following its rejection at the crucial $0.65 resistance point. This rejection triggered a 23% decrease in price, causing it to dip below both the 100-day and 200-day moving averages.
This price action hints at a potential downtrend continuation toward the $0.5 mark.
XRP Analysis
By Shayan
The Daily Chart
Lately, Ripple has faced strong selling forces after being denied at the crucial resistance level of $0.65, leading to a 23% drop. This region, which has repeatedly halted price growth in the past few months, is now identified as a substantial supply area. The recent denial caused Ripple to fall below important technical indicators such as the 100-day and 200-day moving averages, both around $0.55, suggesting a clear change towards bearish dominance.
The fall in XRP‘s price is made more significant by its dip beneath the base of a prolonged triangle-like pattern called a wedge, suggesting a collapse in market structure. This break below crucial moving averages suggests that sellers are dominating, causing the cryptocurrency to trend lower. The $0.5 region now stands out as a potential support level for XRP.
Even though XRP has been showing strong bearish tendencies, it is currently experiencing a corrective pullback with reduced volatility, which might indicate an upcoming dip to retest areas around $0.55. If this happens, it could strengthen the downward trend, leading to further falls toward the $0.5 support level.
The 4-Hour Chart
On a 4-hour timeframe, it’s clear that the price has been rejected at the $0.65 resistance level, which seems to coincide with a period of selling or unloading of positions by both institutional investors (smart money) and individual traders (retail), leading to a phase of distribution.
In my analysis, I’ve observed a significant drop in the market over the past few days, which clearly illustrates that sellers have been holding the reigns.
Over the past few months, I’ve observed several instances where bulls have tried to push prices above the $0.65 resistance level, but these efforts have consistently fallen short, failing to outmatch the persistent selling pressure. This recurring pattern suggests a dominant bearish trend in the market.
The cost has recently decreased towards the significant support zone based on the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement points. This region may temporarily halt XRP‘s downward trend, potentially leading to a brief uptick or a period of stability before the direction of the trend becomes more apparent.
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- Why Fortnite Players Believe Epic Games Forgot Key Characters from Pirates of the Caribbean
- Rob2628: The Best Builds to Play in Season 5 Diablo 4
- PIP PREDICTION. PIP cryptocurrency
- PAW PREDICTION. PAW cryptocurrency
- PERP PREDICTION. PERP cryptocurrency
- ZEUS PREDICTION. ZEUS cryptocurrency
- GhillieMaster: GTA Online: NEW Canis Castigator and Madrazo Hits, TRIPLE Money Bonuses, and More!
2024-10-12 19:28