skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,568.41 0.12%
ethereum
Ethereum (ETH) $ 3,353.64 0.76%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 257.29 0.10%
bnb
BNB (BNB) $ 664.00 6.28%
xrp
XRP (XRP) $ 1.53 8.98%
dogecoin
Dogecoin (DOGE) $ 0.473238 22.19%
usd-coin
USDC (USDC) $ 1.00 0.04%
cardano
Cardano (ADA) $ 1.08 24.80%
staked-ether
Lido Staked Ether (STETH) $ 3,352.25 0.93%

XRP’s Bullish Momentum Fading, Will Bears Break Below $0.40? (Ripple Price Analysis)

It seems that the XRP has been trapped in a range between $0.32 and $0.44 for several weeks. Most recently, the uptrend, which began at $0.32, stalled after hitting a resistance level.

Technical Analysis

By Shayan

The Daily Chart

Last week, XRP’s price printed a significant bullish sign by claiming the 100-day and 200-day moving averages at roughly $0.39. However, the rally was stopped after hitting the multi-month descending trendline as well as the $0.44 crucial resistance level.

Meanwhile, the 100-day moving average has recently dropped below the 200-day moving average, a well-known bearish sign for the price in the mid-term. Presently, the cryptocurrency is consolidating in a tight range between the 100-day and 200-day moving averages at $0.39 and the descending trendline roughly at $0.41. The price will probably exit this tight price zone in the upcoming days, and the breakout’s direction will determine Ripple’s next move.

xrp_price_chart_3001231
Source: TradingView

The 4-Hour Chart

In the 4-hour timeframe, the weakening bullish momentum is evident as the rally’s pace has slowed down, resulting in a rather choppy price action. After reaching the resistance zone of $0.44, the cryptocurrency was rejected and entered a consolidation stage.

Simultaneously, XRP also fell below the short-term ascending trendline, which has been serving great support to the price during the recent rally, indicating that a short-term correction may be possible. Hence, considering all of the above, the price might face a consolidation correction phase in the mid-term run. This will end only if Ripple exits the mentioned price range with sufficient momentum.

xrp_price_chart_3001232
Source: TradingView

The post XRP’s Bullish Momentum Fading, Will Bears Break Below $0.40? (Ripple Price Analysis) appeared first on CryptoPotato.

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