Hey everyone!
Just wanted to share some updates on XRP's price action. Unfortunately, it hasn't been able to sustain above $0.80 and has been on a declining trend, forming a falling wedge pattern in the four-hour chart. Over the last two weeks, there was a notable 20% drop in its market value, bringing the XRP coin price below the $0.70 mark. Currently, there's a 5.79% drop in the last 24 hours, but it's interesting to see buyers absorbing some of the selling pressure at the support trendline.
Based on the Fibonacci retracement level, the XRP price seems to have found support around $0.65, where the 50% level and the 200 EMA intersect. However, there's a concern as the 50 EMA line's decline indicates a possible death cross. On a positive note, the RSI indicator displays positive divergence within the falling wedge pattern, raising hopes for a potential bullish reversal and an upside breakout.
In conclusion, if XRP manages to break above the resistance at $0.69 and experience a bullish breakout, we might see it reclaiming the $0.80 mark or even creating a new swing high above $1. However, in the bearish scenario, a breakdown below the 50% Fibonacci level at $0.65 could lead to further decline, with a potential test of support at $0.60, which coincides with the 61.80% Fibonacci level. Fingers crossed for some positive movement!
