Advertiser disclaimer

XRP Range: $0.5000 – $0.4500; What’s Next?

author
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.
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 September 13, 2023 | 2 min
Updated on Sep 14, 2023
Advertiser disclaimer
  • XRP/USD is currently in a noticeable bearish trend, having broken a significant support at $0.4900, previously a strong triple bottom support zone.
  • The 50-day Exponential Moving Average (EMA) adds resistance at around $0.4950, with consistent candlestick closures below this level reinforcing the bearish outlook.
  • Conversely, a successful breach of the $0.4950 resistance could lead XRP towards the next hurdle at $0.5050, and further momentum beyond this point might drive the cryptocurrency to higher price levels.                                                                                                                                          

As the cryptocurrency market continues to evolve and adapt to new dynamics, XRP, one of the prominent digital assets, finds itself in a phase of range-bound trading. With its price oscillating between the $0.5000 and $0.4500 levels, XRP investors and enthusiasts are eagerly awaiting the next moves that could potentially shape its trajectory. In this analysis, we delve into the current state of the coin, exploring the factors at play and what may lie ahead for this cryptocurrency.

Show more
XRP/USD Price Chart
XRP/USD Price Chart – Source: Tradingview

Ripple Price Prediction: Technical Outlook

The current XRP price stands at $0.476824, accompanied by a 24-hour trading volume totaling $908,473,747. Over the past day, XRP has recorded a 0.93% increase. In the CoinMarketCap rankings, the coin holds the sixth position, boasting a live market capitalization of $25,311,293,681 USD. The circulating supply of XRP coins is approximately 53,083,046,512, with a maximum supply capped at 100,000,000,000 coins.

 

 

The XRP/USD trading pair is currently displaying a noticeable bearish bias, marked by its breach of a significant support level at $0.4900. This level had previously held firm as a robust triple-bottom support zone. On the 4-hour chart, the emergence of a bearish engulfing candlestick pattern suggests the potential for increased selling pressure on the coin. Given this trajectory, it appears that XRP/USD may target the next support level at $0.4700 and, if bearish pressures persist, could potentially drop as low as $0.4595.

 

 

Currently, the coin faces immediate resistance at the $0.4900 level, hindering any bullish advances. Adding to the bearish outlook are the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, both of which are firmly in the selling territory.

Additionally, the 50-day Exponential Moving Average (EMA) presents resistance around the $0.4950 mark. Consistent candlestick closures below this level serve as a bearish indicator, reinforcing the potential for an extended downtrend.

 

 

Conversely, if XRP manages to surpass the $0.4950 resistance, its next target would likely be the resistance level at $0.5050. A strong breakthrough beyond this point could even propel the cryptocurrency to higher price levels.

Stay tuned for more updates!

author
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.
Other categories