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XRP Shows Bearish Signs; Further Declines Expected?

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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 September 18, 2023 | 1 min
Updated on Sep 19, 2023
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  • The XRP/USD pair displays a strong bearish trend, notably breaching the vital $0.4900 support.
  • XRP faces immediate resistance at $0.4900 and the 50-day EMA at around $0.4950, signaling challenges for any bullish reversal.
  • On a more optimistic note, should XRP break past the $0.4950 resistance, it might target the next significant resistance at $0.5050, opening doors for higher price horizons.                                                                                                            

XRP, Ripple’s native cryptocurrency, is currently hovering around the pivotal $0.5000 mark, showing signs of potential weakness in its trading patterns. Recent market dynamics and sentiment shifts raise questions about the sustainability of its current price point. As traders and investors eye critical support and resistance levels, the broader crypto community wonders: is a further decline on the horizon for the coin?

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

Ripple Price Prediction: Technical Outlook

Today’s XRP price stands at $0.492417, having experienced a trading volume of $601,861,662 over the past 24 hours. In this timeframe, XRP has witnessed a 0.67% decline. According to CoinMarketCap, the coin holds the #5 position, boasting a market capitalization of $26,184,451,604 USD. Currently, there are 53,175,400,720 coins in circulation out of a maximum supply of 100,000,000,000 XRP coins.

 

The XRP/USD trading pair exhibits a pronounced bearish inclination, evidenced by its transgression of a pivotal support threshold at $0.4900, previously established as a staunch triple-bottom support arena. The 4-hour chart underscores a concerning appearance of a bearish engulfing candlestick formation, insinuating an augmented sell-off sentiment for the cryptocurrency. Given the prevailing trajectory, there’s an increasing likelihood for XRP/USD to seek out the subsequent support vicinity of $0.4700. If the bearish momentum remains unabated, a descent to the $0.4595 marker is conceivable.

 

At the present juncture, the coin confronts an immediate resistance barricade at $0.4900, impeding any bullish momentum. Augmenting this bearish perspective are the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) metrics, both signalling a sell-dominated environment.

 

Furthermore, the 50-day Exponential Moving Average (EMA) delineates a resistance near the $0.4950 parameter. Persistent candlestick configurations beneath this benchmark act as a bearish harbinger, bolstering the prognosis for a sustained downward trend.

 

On the flip side, should XRP surmount the $0.4950 resistance barrier, it would likely set its sights on the subsequent resistance at $0.5050. A decisive breach here could potentially catalyze the digital asset towards enhanced valuations.

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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