Advertiser disclaimer

XRP Struggles Below $0.5070; Trendline to Drivr Sell?

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 26, 2023 | 2 min
Updated on Sep 26, 2023
Advertiser disclaimer
  • XRP showcases a bearish inclination, struggling to break the $0.5075 resistance, and a descending channel on the four-hourly chart reinforces this bearish trend.
  • Key technical indicators, including the Relative Strength Index and Moving Average Convergence Divergence, echo a bearish sentiment, with the 50-day Exponential Moving Average underscoring this outlook.
  • The crucial $0.5076 level serves as a significant pivot, guiding traders to potentially adopt a sell stance below it and a buy strategy if exceeded.                                                                                      

In recent trading sessions, XRP has grappled with the challenge of surmounting the $0.5070 resistance. With its current trajectory seemingly tethered below this threshold, market analysts are closely watching an emergent trendline that might catalyze a sell-off. As cryptocurrency enthusiasts and investors seek clarity in an increasingly volatile environment, this trendline could become a key determinant in XRP’s short-term price movement.

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

Ripple Price Prediction: Technical Outlook

At present, XRP commands a price of $0.499602, accompanied by a 24-hour trading volume totaling $743,188,353. Demonstrating a 0.97% ascent within the past day, its standing on CoinMarketCap has positioned it at rank #5. The cryptocurrency boasts a live market capitalization of $26,601,425,946 USD. With 53,245,240,268 XRP coins in circulation, it’s worth noting that the ultimate supply cap is set at 100,000,000,000 XRP coins.

 

Delving into the technical aspects of XRP’s market behavior, the cryptocurrency displays a mildly bearish stance, failing to surpass the $0.5075 resistance level. The inability to close above this resistance hints at a strong likelihood of continued downward momentum. Observing the four-hourly timeframe, a descending channel becomes evident, posing a significant barrier for the coin around the $0.5075 mark.

 

Should XRP not breach this level, it might gravitate towards the next support at $0.4930, which currently serves as a robust triple bottom support. If the bears push XRP below $0.4930, the subsequent support is anticipated at the $0.4795 level. On the flip side, should the coin manage to climb above $0.5076, it could target the $0.5150 mark. Surpassing this, the next resistance is expected around the $0.5250 level.

 

To encapsulate, prominent technical indicators, such as the Relative Strength Index and Moving Average Convergence Divergence, currently signal a bearish inclination. Meanwhile, the lagging technical metric of the 50-day Exponential Moving Average stands near the $0.5070 level, reinforcing the bearish bias given that XRP’s current market price is just below this threshold. With this context, the $0.5076 level emerges as a pivotal juncture. Traders should closely monitor this point, considering a sell strategy below it and a buy approach above

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