Advertiser disclaimer

XRP Slips Below $0.49: A Technical Dive into its Future

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 October 18, 2023 | 2 min
Updated on Oct 18, 2023
Advertiser disclaimer
  • XRP’s current price hovers just below $0.49, with a slight 1.22% decline over the past 24 hours.
  • Technical indicators hint at a mild bearish sentiment, with the RSI at 47 and the 50 EMA at $0.4929.
  • Immediate resistances and supports are set at $0.4937 and $0.4483, respectively, suggesting potential price zones to watch.

In the dynamic realm of cryptocurrency trading, XRP’s recent decline beneath the $0.49 mark has caught the eye of many traders. Currently positioned as the fifth titan on CoinMarketCap, XRP’s slight dip is coupled with a noteworthy trading volume, making it an intriguing asset for potential buyers and sellers alike. This piece aims to unpack the key technical indicators and price levels for XRP, allowing traders to make an informed decision on their next move.

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

Ripple Price Prediction: Technical Outlook

At the time of writing, XRP trades at $0.489451, having slipped by 1.22% in the last 24 hours. Its trading volume over the same period is an impressive $770.14 million. The crypto asset boasts a market cap of $26.16 billion with a circulating supply of 53.44 billion XRP, out of a possible 100 billion XRP.

 

On a 4-hourly chart, the pivot point for XRP stands at $0.4678. Potential upside hurdles are mapped out at $0.4937, followed by resistances at $0.5136 and $0.5399. On the flip side, if XRP were to face selling pressure, its immediate cushion would be the support at $0.4483. Stronger floors are further down at $0.4224 and $0.3958.

 

Delving into the technicals, the Relative Strength Index (RSI) is placed at 47. This reading is slightly below the neutral 50 mark, indicating a mild bearish sentiment. Although it’s not deeply oversold, a drift further down may bring in more sellers. The 50-Day Exponential Moving Average (EMA) is at $0.4929, just a touch above the current price. This indicates that XRP is balancing on the edge, and its position relative to the 50 EMA will be instrumental in deciding its short-term trend.

 

Chart patterns, though not explicitly mentioned, are pivotal in crypto trading. Any discernible patterns should be analyzed in tandem with the above indicators for better trade accuracy.

In summary, the trend for XRP seems mildly bearish, especially if it sustains below the $0.4929 mark. Traders might expect XRP to challenge its immediate supports in the near term. However, a break above the immediate resistance could negate the bearish view, opening doors for a test of higher levels. It’s imperative for investors to keep an eye on broader market news and sentiment, which often plays a role in the crypto world.

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