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Will XRP’s Price Drop Below $0.50?: Technical Analysis
XRP risked dropping below the $0.50 support as sellers’ dominance increased.
The AO was negative, indicating increasing downward momentum for the token.
XRP formed an H&S pattern on the daily chart and could drop by another 15%.
A comprehensive analysis of Ripple’s (XRP) price action showed that the token had been confined between $0.49 and $0.53 since January 24. Despite some sideways movement, XRP has flashed a bearish sign, indicating that the token could continue to slip.
Altcoin Daily, a crypto analysis team, also shared a similar sentiment. According to the handle, XRP has lost its support, and a move below $0.50 could be possible in the short term.
XRP just lost support. Every major moving average has flipped.$XRP now hovering just over 50¢.Are you following? 👈✅ pic.twitter.com/r0HEx7TkaL
— Altcoin Daily (@AltcoinDailyio) January 31, 2024
XRP/USD 4-Hour Analysis
After examining the 4-hour chart, XRP’s bullish prospects were almost non-existent. This is because of the dominance of sellers in the market and the lack of demand.
The Relative Strength Index (RSI) showed that XRP had weakened. At 32.58, the RSI reading confirmed the intense selling pressure going on with the token. With the price falling below the descending channel, XRP could lose critical support at $0.50.
Should this be the case, the price might drop to $0.48. Furthermore, indications from the Awesome Oscillator (AO) showed that XRP was experiencing increasing downward momentum. With the positions of these indicators, bulls might not have the power to resist the decline from $0.50.
XRP/USD 4-Hour Chart (Source: TradingView) XRP Daily Chart
On the daily timeframe, the market structure was not any better. According to the analysis of the chart, XRP had formed a Head-and-Shoulder (H&S) pattern. This occurred between November 1, 2023, and January 1, 2024.
The H&S pattern is formed when a cryptocurrency’s price hits a peak. After which, it hit a higher peak before dropping to a lower peak. This pattern suggests that the token could move from a bullish structure to a bearish one.
Typically, this leads to a significant correction and could have been responsible for XRP’s 17.19% decline in the last 30 days. However, that might not be the end of the correction because of the Exponential Moving Average Position (EMA).
First, the 50-day EMA (yellow) was at $0.56. Also, the 20-day EMA (blue) was at $0.54. Technically, this position is called a death cross and could foreshadow a clear price decrease.
XRP/USD 4-Hour Chart (Source: TradingView)
Since XRP was unable to break above the EMA line, its price looks ready to fall. From a bearish perspective, XRP could lose another 15%. If this happens, the token’s price would be $0.35. Although unlikely, a bullish reversal could send the price to $0.53.
The post Will XRP’s Price Drop Below $0.50?: Technical Analysis appeared first on Coin Edition.
The AO was negative, indicating increasing downward momentum for the token.
XRP formed an H&S pattern on the daily chart and could drop by another 15%.
A comprehensive analysis of Ripple’s (XRP) price action showed that the token had been confined between $0.49 and $0.53 since January 24. Despite some sideways movement, XRP has flashed a bearish sign, indicating that the token could continue to slip.
Altcoin Daily, a crypto analysis team, also shared a similar sentiment. According to the handle, XRP has lost its support, and a move below $0.50 could be possible in the short term.
XRP just lost support. Every major moving average has flipped.$XRP now hovering just over 50¢.Are you following? 👈✅ pic.twitter.com/r0HEx7TkaL
— Altcoin Daily (@AltcoinDailyio) January 31, 2024
XRP/USD 4-Hour Analysis
After examining the 4-hour chart, XRP’s bullish prospects were almost non-existent. This is because of the dominance of sellers in the market and the lack of demand.
The Relative Strength Index (RSI) showed that XRP had weakened. At 32.58, the RSI reading confirmed the intense selling pressure going on with the token. With the price falling below the descending channel, XRP could lose critical support at $0.50.
Should this be the case, the price might drop to $0.48. Furthermore, indications from the Awesome Oscillator (AO) showed that XRP was experiencing increasing downward momentum. With the positions of these indicators, bulls might not have the power to resist the decline from $0.50.
XRP/USD 4-Hour Chart (Source: TradingView) XRP Daily Chart
On the daily timeframe, the market structure was not any better. According to the analysis of the chart, XRP had formed a Head-and-Shoulder (H&S) pattern. This occurred between November 1, 2023, and January 1, 2024.
The H&S pattern is formed when a cryptocurrency’s price hits a peak. After which, it hit a higher peak before dropping to a lower peak. This pattern suggests that the token could move from a bullish structure to a bearish one.
Typically, this leads to a significant correction and could have been responsible for XRP’s 17.19% decline in the last 30 days. However, that might not be the end of the correction because of the Exponential Moving Average Position (EMA).
First, the 50-day EMA (yellow) was at $0.56. Also, the 20-day EMA (blue) was at $0.54. Technically, this position is called a death cross and could foreshadow a clear price decrease.
XRP/USD 4-Hour Chart (Source: TradingView)
Since XRP was unable to break above the EMA line, its price looks ready to fall. From a bearish perspective, XRP could lose another 15%. If this happens, the token’s price would be $0.35. Although unlikely, a bullish reversal could send the price to $0.53.
The post Will XRP’s Price Drop Below $0.50?: Technical Analysis appeared first on Coin Edition.
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The rise of Bitcoin:
🚀It captured the attention of many, and here's why.
Bitcoin, often referred to as digital gold, has seen an incredible rise. Its price continues to rise, and for many, this goes beyond simple monetary value. It’s a financial revolution in progress.
So why this meteoric rise? Some say it is confidence in decentralization, others see it as a refuge against inflation. Regardless, Bitcoin has opened up new perspectives on how we think about money.
However, it is essential to note that the cryptocurrency market is volatile. Ups and downs are commonplace. Investing in Bitcoin can be promising, but you also need to be aware of the risks.
Whether you're a novice or an expert, Bitcoin continues to generate excitement and redefine the rules of the financial game. Stay informed, explore, and who knows, maybe Bitcoin has an exciting financial adventure in store for you. 💰#BitcoinRise#CryptoAdventure #MisterDoExplains"$BTC
🚀It captured the attention of many, and here's why.
Bitcoin, often referred to as digital gold, has seen an incredible rise. Its price continues to rise, and for many, this goes beyond simple monetary value. It’s a financial revolution in progress.
So why this meteoric rise? Some say it is confidence in decentralization, others see it as a refuge against inflation. Regardless, Bitcoin has opened up new perspectives on how we think about money.
However, it is essential to note that the cryptocurrency market is volatile. Ups and downs are commonplace. Investing in Bitcoin can be promising, but you also need to be aware of the risks.
Whether you're a novice or an expert, Bitcoin continues to generate excitement and redefine the rules of the financial game. Stay informed, explore, and who knows, maybe Bitcoin has an exciting financial adventure in store for you. 💰#BitcoinRise#CryptoAdventure #MisterDoExplains"$BTC
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Market Overview
Bitcoin price is trading above $44,000. The top 10 cryptos are traded in the red zone: Solana -4.23% (+0.1%) Fear and Greed Index: 74 (Greed)🛑 National security officials from the United States, South Korea and Japan met to discuss collaborative efforts to combat against cryptocurrency thefts in North Korea, which finance the development of weapons of mass destruction.🛑 Wallets linked to FTX and Alameda Research transferred cryptocurrency assets totaling more than $23.5 million to exchanges centralized.🛑 The U.S. government has removed two provisions of the National Defense Authorization Act (NDAA) that were intended to address money laundering concerns associated with cryptocurrencies.
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🟡🟡FOR GOOD #Trader , here are some #conseils to take into account:
1️⃣. Education and Research: Learn as much as you can about financial markets, trading strategies and technical indicators. Knowledge is the key to making informed decisions.
2️⃣. Plan your strategy: Develop a clear trading plan and define your objectives, your acceptable risk level and your market entry and exit strategy.
3️⃣. Risk management: Use stop-loss orders to limit your losses and take-profit orders to secure your gains. Don't invest more than you are willing to lose.
4️⃣. Practice on a demo account: Before trading in real life, use a demo account to practice and test your strategy without risking real money.
5️⃣. Stay disciplined: Follow your trading plan and avoid letting emotions take over. Maintain a rational and objective mindset.
6️⃣. Diversify your portfolio: Don’t put all your eggs in one basket. Invest in different assets to reduce the risks associated with a single position.
7️⃣. Stay informed: Follow financial news and economic events that can influence the markets. This will help you make informed decisions.
Remember that trading involves risk and it is important to never invest more than you can afford to lose. If you have any other questions or need additional advice, don't hesitate to ask me! 😊📈💰#TradingInsights #Mr-DO509 #conseil_aux_débutants
1️⃣. Education and Research: Learn as much as you can about financial markets, trading strategies and technical indicators. Knowledge is the key to making informed decisions.
2️⃣. Plan your strategy: Develop a clear trading plan and define your objectives, your acceptable risk level and your market entry and exit strategy.
3️⃣. Risk management: Use stop-loss orders to limit your losses and take-profit orders to secure your gains. Don't invest more than you are willing to lose.
4️⃣. Practice on a demo account: Before trading in real life, use a demo account to practice and test your strategy without risking real money.
5️⃣. Stay disciplined: Follow your trading plan and avoid letting emotions take over. Maintain a rational and objective mindset.
6️⃣. Diversify your portfolio: Don’t put all your eggs in one basket. Invest in different assets to reduce the risks associated with a single position.
7️⃣. Stay informed: Follow financial news and economic events that can influence the markets. This will help you make informed decisions.
Remember that trading involves risk and it is important to never invest more than you can afford to lose. If you have any other questions or need additional advice, don't hesitate to ask me! 😊📈💰#TradingInsights #Mr-DO509 #conseil_aux_débutants
# ⭕️🔴CONTROL YOUR #INVESTMENTS 🔴⭕️
➡️if you want to stay in control of your investments, it's important to follow some key steps. Here are a few tips to consider:
1️⃣. Set clear investment goals: Determine what you want to achieve with your investments, whether it's long-term growth, income, or a specific financial target.
2️⃣. Do your research: Take the time to understand different investment options, such as stocks, bonds, mutual funds, or real estate. Learn about their risks and potential returns.
3️⃣. Diversify your portfolio: Spread your investments across different asset classes and industries to reduce risk. This way, if one investment performs poorly, others may offset the losses.
4️⃣. Monitor your investments: Regularly review your portfolio's performance and make adjustments as needed. Stay informed about market trends and news that may impact your investments.
5️⃣. Seek professional advice: Consider working with a financial advisor who can provide personalized guidance based on your financial situation and goals.
#INVESTMENTS #tradingmindset
➡️if you want to stay in control of your investments, it's important to follow some key steps. Here are a few tips to consider:
1️⃣. Set clear investment goals: Determine what you want to achieve with your investments, whether it's long-term growth, income, or a specific financial target.
2️⃣. Do your research: Take the time to understand different investment options, such as stocks, bonds, mutual funds, or real estate. Learn about their risks and potential returns.
3️⃣. Diversify your portfolio: Spread your investments across different asset classes and industries to reduce risk. This way, if one investment performs poorly, others may offset the losses.
4️⃣. Monitor your investments: Regularly review your portfolio's performance and make adjustments as needed. Stay informed about market trends and news that may impact your investments.
5️⃣. Seek professional advice: Consider working with a financial advisor who can provide personalized guidance based on your financial situation and goals.
#INVESTMENTS #tradingmindset
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invest
When talking about investing in crypto, it is important to understand that cryptocurrency prices can be very volatile. This means they can rise quickly, but also fall just as quickly. There is therefore a higher level of risk associated with investing in crypto.
It is essential to do your own research and understand the cryptocurrencies in which you wish to invest. It is recommended to follow market news, consult reliable sources and analyze trends before making investment decisions.
It is also important to note that investing in crypto can be a personal choice, and it is best not to invest more than you can afford to lose. As with any investment, there are risks and potential rewards.#Investment #mind
When talking about investing in crypto, it is important to understand that cryptocurrency prices can be very volatile. This means they can rise quickly, but also fall just as quickly. There is therefore a higher level of risk associated with investing in crypto.
It is essential to do your own research and understand the cryptocurrencies in which you wish to invest. It is recommended to follow market news, consult reliable sources and analyze trends before making investment decisions.
It is also important to note that investing in crypto can be a personal choice, and it is best not to invest more than you can afford to lose. As with any investment, there are risks and potential rewards.#Investment #mind
