Ripple’s Token Price Plunges To $0.40
Ripple’s XRP has experienced a significant drop in price, falling below the $0.55 mark and the 100 simple moving average (4 hours). A key bearish trend line is forming with resistance near $0.585 on the 4-hour chart of the XRP/USD pair. If the downward trend continues, the price could decline further towards the $0.42 and $0.40 levels.
Main Breakdowns:
- XRP struggles to rise above $0.65 resistance
- Strong decline below $0.550 support zone
- Price down over 20% with a spike below $0.420
- Attempted recovery wave above $0.45 resistance zone
- Trading below $0.55 and the 100 simple moving average (4 hours)
A successful break above the $0.585 resistance level could potentially lead to a price increase towards the $0.62 resistance or the 100 simple moving average (4 hours). However, if Ripple fails to clear the $0.550 resistance zone, it may experience another decline. The major support levels are at $0.48, $0.455, and $0.400, while the major resistance levels are at $0.520, $0.550, and $0.585.
Hot Take:
With Ripple’s token price falling below key support levels, it seems that the cryptocurrency is facing significant downward pressure. The inability to break above resistance levels suggests a lack of bullish momentum, potentially leading to further declines. It remains to be seen whether Ripple can regain its footing and reverse the current bearish trend.
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