Crypto:
30349
Bitcoin:
$64.234
% 0.38
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.234
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

XRP ‘s Sharp Drop Concerns Investors!

Xrp

In this article, we will take a detailed look at the recent performance of Ripple (XRP) and its possible future direction. We will analyze past price movements through graphs and technical indicators.

XRP Past Price Movements and Targets

In our previous Ripple XRP price analysis, we had predicted that XRP could rise to the $0.82 level by breaking the $0.7478 resistance. This prediction partially came true and XRP managed to rise to the $0.78 level.

However, XRP couldn’t break this resistance and experienced a sharp fall to the $0.68 level. This decline caused concern among investors and raised questions about the future direction of XRP.

XRP Support and Resistance Levels

Support Levels:

  • $0.65
  • $0.60
  • $0.55

Resistance Levels:

  • $0.7478
  • $0.82
  • $0.90

Technical Indicators

  • Moving Averages: 50-day and 200-day moving averages are putting pressure on the XRP price.
  • RSI (Relative Strength Index): The RSI value is under 40, signaling overselling.
  • MACD (Moving Average Convergence Divergence): The MACD line is under the signal line, giving a downward signal.

Based on the charts we showed, the XRP price couldn’t surpass the $0.74 level and couldn’t breach this resistance. If it had breached this level, an initial rise to $0.91 and then to $1 levels could have been expected. However, Ripple couldn’t achieve these targets and we predicted possible pullbacks in case it couldn’t breach this resistance level.

After a normal pullback to the $0.67 support, XRP lost this support due to the sharp fall in Bitcoin. Subsequently, the $0.62 level quickly broke downwards. It is likely for this decline to continue to as low as the $0.58 level. This region coincides with the breakout level of the cup and handle formation and is considered to be a strong support point. We can observe upward movements again with a reaction taken from this level.

READ:  Ripple CEO Open to XRP ETF, But Tight-Lipped on Plans

However, if the downward trend in Bitcoin continues and a pullback to the $60,000 levels occurs, it wouldn’t be surprising to see a drop to the $0.55 levels in XRP.


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