As a seasoned crypto investor with a penchant for technical analysis, I find myself scrutinizing the latest developments of Ripple (XRP) with a mix of concern and intrigue. The recent breakdown below the 100-day moving average at $0.53 is a grim reminder of the bearish outlook that has plagued this asset for some time now.
Recently, Ripple experienced a significant fall, dipping beneath its crucial 100-day moving average, which stands at approximately $0.53.
The analysis indicates a pessimistic perspective towards this asset, suggesting that following a brief pause, the price may resume its decline due to an overall negative trend.
XRP Analysis
By Shayan
The Daily Chart
Examining the day-by-day graph reveals that Ripple experienced substantial selling forces, causing it to drop below the crucial 100-day moving average at $0.53. The fall below both the 100- and 200-day moving averages suggests a powerful bearish trend, emphasizing the control of sellers in the market. At present, Ripple is moving back towards the broken moving average, attempting to conclude a pullback.
Should sellers reassert dominance at this point, XRP may carry on with its descending pattern towards the $0.48 support barrier. In the short term, a period of stability or consolidation between the $0.48 support and the $0.54 resistance level is projected.
The 4-Hour Chart
On a 4-hour chart, Ripple has dropped beneath the bottom line of a falling triangle formation, suggesting a dominant bearish outlook. Currently, it’s trying to rebound towards the breached support line, and if it does, this could verify the breakout.
At the same time, the value of XRP has touched an important region for potential support. This area is marked by the 0.5 (approximately $0.52) to 0.618 (approximately $0.48) Fibonacci retracement levels. It’s possible that demand could increase here, potentially slowing or halting its downward trend for a while.
Ripple is trading within a narrow range, constrained by the 0.5 Fib level and the broken wedge’s lower trendline. A breakout from this range will determine the next move in the short term.
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2024-09-09 13:56