XRP experienced an intraday loss of 1.50%, indicating a strong presence of sellers exerting control over this altcoin.
#XRP as experienced three rebounds from the downsloping trendlines of this pattern, confirming the significant impact it has on market participants. Consequently, in the event of a bearish sentiment prevailing in the broader market, it is highly probable that the price of XRP will retreat lower.
The 4-hour chart of XRP reveals a trading pattern characterised by channel formations, where the price oscillates between the upper and lower boundaries of the channel. Currently, XRP is touching the highs and lows of this channel pattern. As long as the descending channel remains intact, there is a possibility for the downward trend in XRP price to continue. However, if there is a breakout above the upper trendline of the channel pattern, it may present a favourable opportunity for traders to enter long positions.
#RIPPLE recently reached a peak of $0.4755, leading to profit-taking as prices climbed higher. Currently, XRP is trading below $0.4600 and remains below the 50-hourly simple moving average.
At the price level of $0.465, XRP encounters an initial resistance level, which aligns with the formation of a significant bearish trend line on the 4-hour chart of the XRP/USD pair. Another notable resistance level is identified around $0.482, with the primary resistance situated at $0.488. If there is a successful breach above these resistance levels, it has the potential to drive the price of XRP towards the resistance levels at $0.520 and $0.535. This upward movement could potentially initiate a substantial surge in price for XRP.
If XRP fails to overcome the resistance zone at $0.480, there exists a potential for subsequent downward momentum. The initial support level on the downside can be identified at approximately $0.45. Following that, the next notable support level is situated around $0.440. If XRP drops below this level and closes below it, it may lead to an extended decline and a probable test of the support zone at $0.400.
Based on Price Analysis, the current market capitalization of XRP is approximately $23,561,442,530. Moreover, the coin's trading volume over the past 24 hours stands at around $852,715,480.
KEY LEVELS :
RESISTANCE LEVEL : $0.4650-$0.4800
SUPPORT LEVEL : $0.4450-$0.4300
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.
