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Ripple On a Bearish Run: XRP to Target $0.4700

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on October 11, 2023 | 1 min
Updated on Oct 11, 2023
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  • Ripple trades at $0.490424, down by 1.73% over the last 24 hours, with a market cap of $26.18 billion.
  • Technical indicators such as the RSI (at 28.68) suggest Ripple is nearing oversold conditions, potentially hinting at a future reversal.
  • The short-term bearish trend is further confirmed by Ripple’s current position below the 50 EMA of $0.5113.

On October 11, Ripple’s (XRP/USD) experienced a decline and entered bearish territory. The live data available indicates that XRP is priced at $0.490424, reflecting a 1.73% decline over the past 24 hours. With an active trading volume of approximately $713.5 million, Ripple maintains its #5 position on CoinMarketCap, boasting a market capitalization of $26.18 billion. The digital asset has a circulating supply of 53.39 billion XRP coins, with a maximum supply cap set at 100 billion XRP coins.

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XRP/USD Price Chart -
XRP/USD Price Chart – Source: Tradingview

Ripple Price Prediction: Technical Outlook

Delving into the 4-hour chart time frame, we can discern several key price levels for Ripple. The asset’s pivot point is recorded at $0.5242. On the upside, if the bulls were to regain control, the immediate resistance to be encountered lies at $0.5414, followed by subsequent resistance levels at $0.5652 and $0.5823. On the flip side, should the bearish momentum persist, XRP might find immediate support at $0.5006, with further supports lurking at $0.4834 and $0.4595.

 

From a technical perspective, Ripple’s RSI currently stands at 28.68, implying that the asset is approaching the oversold territory. Such an RSI level often suggests that the selling pressure might be overextended and a potential reversal could be on the horizon. The MACD indicator shows a value of -0.0013, with its signal line at -0.0074. This position suggests that while the asset is still in a bearish phase, the MACD line is narrowing the gap with the signal line, potentially hinting at a weakening bearish momentum. Furthermore, Ripple’s current price is below the 50 EMA, marked at $0.5113, solidifying the short-term bearish sentiment.

 

In essence, Ripple’s current bearish trajectory seems to target the $0.4700 mark. While the technical indicators do highlight the prevailing bearish sentiment, it is crucial for traders and investors to monitor the asset’s interactions with mentioned resistance and support points. The crypto market’s inherent volatility demands a vigilant approach, and any sudden shifts in momentum should be observed closely for strategic decision-making.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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