Advertiser disclaimer

XRP/USD Falls to $0.522: EMA and RSI Signals Selling Pressure

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 February 12, 2024 | 2 min
Updated on Feb 12, 2024
Advertiser disclaimer
  • XRP’s price drops to $0.522, reflecting a 1.11% decrease amid broad market volatility.
  • Bearish ‘three black crows’ pattern and slip below $0.5190 pivot point signal increased selling pressure.
  • Key technical indicators, including RSI and MACD, support a cautious, bearish outlook for XRP.

In today’s Daily Crypto update, XRP finds itself navigating through turbulent waters, with its price currently standing at $0.522418. This represents a 1.11% decrease over the last 24 hours, reflecting the volatile nature of the cryptocurrency market. With a trading volume of $752,088,917 and a market cap that secures its position as the sixth-largest cryptocurrency at $28,475,427,357, XRP continues to be a significant player in the digital currency space. Its vast circulating supply of over 54 billion coins against a backdrop of a total supply cap of 100 billion coins adds to its intrigue and complexity within the market.

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

Ripple Price Prediction: Technical Outlook

The technical outlook for XRP is currently tinged with caution. The cryptocurrency is trading just above a pivotal point at $0.52002, indicating a delicate balance in market sentiment. Immediate resistance levels are set at $0.54260, $0.55908, and $0.58166, which could provide targets for a potential recovery. Conversely, support levels at $0.50318, $0.48025, and $0.46412 offer a buffer against further declines. The Relative Strength Index (RSI) hovers around 49, signaling a market that is neither overbought nor oversold, suggesting a state of equilibrium or indecision among traders.

 

A closer examination of the chart patterns reveals a more concerning trend for XRP holders. The formation of “three black crows,” a bearish reversal pattern, alongside a slip below the pivotal $0.5190 area, hints at an increasing selling trend. This is further supported by the 50-day Exponential Moving Average (EMA) at $0.51874 and the MACD indicator, which currently shows a slight negative divergence, reinforcing the bearish sentiment.

 

Given these observations, the immediate outlook for XRP suggests a cautious approach is warranted. The bearish indicators, particularly the chart patterns and technical indicators like the RSI and MACD, imply that XRP may continue to face downward pressure in the short term. Investors and traders alike are advised to keep a close watch on the aforementioned key support and resistance levels, as they will likely play a crucial role in determining XRP’s direction in the coming days.

 

Conclusion: The current technical analysis indicates a bearish trend for XRP below the $0.5190 mark.

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