Ripple Coin’s Vulnerability to Return to $0.46 Low 😬

Ripple Coin's Vulnerability to Return to $0.46 Low 😬

Ripple (XRP) Price Analysis: Bearish Outlook

The Ripple coin (XRP) is currently experiencing a downward trend, with a brief upward correction on February 15, 2024. However, this correction was short-lived as the altcoin faced selling pressure at its high of $0.57. Although buyers were able to sustain some bullish momentum above the moving average lines, they were unable to break through the $0.57 resistance level.

If the resistance level is breached, XRP may resume its positive trajectory and potentially reach highs of $0.64 and $0.67. However, if the price falls below the 21-day simple moving average, selling pressure is expected to resume.

XRP Indicator Analysis

XRP has faced strong rejection at its recent high and is currently in a declining phase. The price bars have fallen between the moving average lines, and the decline has paused as it remains trapped within this range. The break of the moving average lines will determine future price action for XRP.

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Technical Indicators:

  • Key resistance levels – $0.80 and $1.00
  • Key support levels – $0.40 and $0.20

What’s Next for XRP?

Based on the 4-hour chart, XRP has fallen below the moving average lines, indicating further downside potential for the cryptocurrency. Price indicators suggest that XRP may continue to decline towards a low of $0.51 or even reach a critical support level of $0.46. Currently, the decline has paused above the 21-day SMA or is locked between the moving average lines.

Hot Take: Bearish Outlook for XRP

Considering the recent price analysis and indicator signals, the outlook for XRP appears to be bearish. Here’s what you need to know:

  • XRP experienced a brief upward correction but faced selling pressure at $0.57 resistance level.
  • If the resistance level is breached, XRP may resume its positive trajectory towards highs of $0.64 and $0.67.
  • Falling below the 21-day SMA would indicate a resumption of selling pressure.
  • XRP is currently trapped between moving average lines, and a break in either direction will determine future price action.
  • Key resistance levels for XRP are $0.80 and $1.00, while key support levels are $0.40 and $0.20.
  • Based on the 4-hour chart, XRP is expected to continue its decline towards a low of $0.51 or potentially reach a critical support level of $0.46.
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Considering these factors, it is important for you to closely monitor the price movements of XRP and make informed decisions based on the latest indicators and analysis.

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Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.