Ripple‘s price has recently experienced a notable drop, falling below several key support points. Nevertheless, it is now hovering around the significant level of $0.5. At the moment, Ripple is in a quiet period of sideways movement near this price point, showing little price fluctuation.
Ripple Price Analysis: Technicals
By Shayan
The Daily Chart
Based on a thorough examination of the daily chart, Ripple appears to have hit a pivotal point near the $0.5 level after experiencing a considerable drop. At this stage, it has managed to gain some footing and enter a period of price stabilization. However, there is currently very little driving force behind the price movement and it continues to experience minor ups and downs.
XRP may be preparing for a retreat to the earlier broken rising trendline at $0.53, which could indicate further declines.
The RSI indicator now shows the cryptocurrency is oversold, which could mean it’s due for some rebounding movements. However, it’s expected that the digital asset will keep trading between its $0.5 floor and the rising trendline until a significant breakthrough takes place.
The 4-Hour Chart
Taking a closer look at the 4-hour chart, we notice that after a significant decline causing numerous long position liquidations in perpetual markets, Ripple bounced back strongly around $0.42 and then settled around $0.5.
In spite of this, XRP‘s price has shown limited changes, hinting at confusion among investors and a absence of strong trend. Consequently, due to the significant drop we’ve seen, the market might need some time for correction before establishing its future trend.
Based on current trends, it’s expected that the value of the cryptocurrency will continue to decrease, potentially reaching prices around $0.54 or $0.55, according to the 0.5 and 0.618 Fibonacci retracement levels.
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2024-04-18 16:50