skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,561.41 0.27%
ethereum
Ethereum (ETH) $ 3,368.87 0.02%
tether
Tether (USDT) $ 1.00 0.02%
solana
Solana (SOL) $ 258.36 0.35%
bnb
BNB (BNB) $ 666.10 5.78%
xrp
XRP (XRP) $ 1.54 10.62%
dogecoin
Dogecoin (DOGE) $ 0.465311 19.24%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 1.08 25.58%
staked-ether
Lido Staked Ether (STETH) $ 3,366.34 0.01%

As Ripple v. SEC Trial Rages on, the XRP Price Continues Crashing: How Low Can it Go?

After experiencing a significant plummet, Ripple broke below its multi-month ascending trendline and retraced toward the breached level, completing a pullback.

This price action suggests a bearish sentiment in the market, potentially leading to a continuation of the downward retracement.

XRP Analysis

By Shayan

The Daily Chart

Upon thoroughly examining the daily chart, it’s apparent that XRP underwent a substantial decline below the multi-month ascending trendline, subsequently moving toward the $0.45 threshold. However, buyers stepped in, initiating a bullish rebound towards the previously breached ascending trendline at $0.56 and the 100 and 200-day MAs around $0.59, thereby completing a pullback.

Despite this temporary rebound, the price action indicates a bearish sentiment in the market, with Ripple potentially poised for a sustained retracement toward the critical support region of $0.45. Consequently, XRP looks likely to remain within the price range delineated by the $0.45 support level and the resistance zone of $0.59 long-term until a breakout occurs.

xrp_price_chart_3004241
Source: TradingView

The 4-Hour Chart

A closer inspection of the 4-hour chart reveals that Ripple stabilized around the $0.49 mark following a notable decline, subsequently experiencing a bullish retracement towards a significant resistance region outlined by the price range between the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci levels.

However, the price encountered heightened selling pressure near this critical juncture, continuing the initial bearish trend.

Currently, XRP sellers aim to breach the crucial $0.49 threshold, potentially triggering a notable long-squeeze event. Nevertheless, a more plausible scenario is that the price remains within the range defined by the support of $0.49 and the resistance of the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci levels, indicating the likelihood of the market continuing its current state of consolidation.

xrp_price_chart_3004242
Source: TradingView

The post As Ripple v. SEC Trial Rages on, the XRP Price Continues Crashing: How Low Can it Go? appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top