Analysis

XRP faces critical support as bears take control

XRP failed to move higher despite a temporary rebound and fell back to the key support.

Major support levels: $0.58, $0.50.

Major resistances: $0.65, $0.7.

XRP is once again facing a critical support at $0.58 after the price broke out of a consolidation area for the past few days.

After the price drop, the volume is also lower. However, any weakness here could trigger another collapse. Resistance stands at $0.65 and the price is unlikely to test it for the next few days.

Source: TradingView

Technical indicators

Trading Volume: XRP has minimal volume and buyers cannot push the price higher. Volume has also declined since the sell-off on Jan. 22.

RSI: With the recent decline, the daily RSI has dipped into the oversold territory and this shows weakness in the price action.

MACD: The daily MACD is bearish and now the moving averages and histograms are stretching. This signals pessimistic action.

Source: TradingView

The current XRP trend is bearish as the indicators are not showing strength and the bears seem to be dominating the market.

Short term XRP price prediction

After some hesitation and a tight range consolidation, XRP fell back to the critical support at $0.58. If buyers fail to sustain above this key level, a drop to $0.50 is likely. There they have the opportunity to show more power. At the time of writing, the momentum is in the sellers’ favour.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

3 hours ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

3 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

3 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

4 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

5 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

6 hours ago

This website uses cookies.