#XRP price is currently experiencing a bearish trend below the $0.45 mark against the US Dollar. There is a significant risk of further losses if the support level of $0.40 is breached.
During the previous week, #RIPPLE made an effort to rise above the $0.465 level against the US Dollar but encountered resistance from bearish forces near $0.47. As a result, the price dropped, following a similar pattern as Bitcoin and Ethereum.
XRP/USD experienced a significant downward movement, breaking below crucial support levels at $0.450 and $0.445. This decline continued below $0.4400, indicating that the bears have taken control. The price further breached the $0.4300 and $0.4200 levels, reaching a low point at $0.4100.
Currently, the price is consolidating its losses and is trading below both $0.4400 and the 50-hourly simple moving average. On the 4-hour chart of the XRP/USD pair, a connecting bullish trend line is forming, which offers support near $0.400.
if XRP/USD is unable to surpass the resistance zone at $0.4400, it may experience further downward movement. The initial support to watch for on the downside is around the $0.4100 level. Should the price break below this level, the next significant support can be found near $0.4000. A downside break and a close below $0.4000 could potentially lead to extended losses for XRP, with the price potentially testing the support zone at $0.3800.
The market capitalization of XRP is presently estimated to be $22,049,620,218. The 24-hour trading volume of the coin is around $1,142,872,717.
KEY LEVELS :
RESISTANCE LEVEL : $0.4350-$0.4500
SUPPORT LEVEL : $0.4100-$0.4000
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.