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XRP/USD Slips to $0.5638 in a Bearish Shift

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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 January 08, 2024 | 2 min
Updated on Jan 08, 2024
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  • XRP is trading at $0.563869, and experiences a minor decline, holding the sixth position in market cap.
  • Resistance at $0.56453 and further at $0.62770 contrasts with support levels down to $0.27740, influencing XRP’s market trajectory.
  • Bearish sentiment indicated by RSI and MACD, with a significant break below the $0.5645 level, suggesting a potential continuation of the downward trend.

 

In the ever-evolving landscape of cryptocurrency, Ripple’s XRP remains a significant player. As of January 8, the coin is trading at $0.563869, marking a slight 0.65% decrease within the last 24 hours. This change, though minor, is reflective of the broader market sentiment. Currently, the coin holds the sixth position in the CoinMarketCap rankings with a live market cap of about $30.57 billion and a 24-hour trading volume of $1.59 billion. The circulating supply of coins is approximately 54.21 billion, out of a maximum of 100 billion.

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

Ripple (XRP) Price Prediction: Technical Outlook

The 4-hour chart presents a detailed view of XRP’s market movements. A critical pivot point is established at $0.48988, which could act as a decisive factor for XRP’s short-term trajectory. Resistance levels are identified at $0.56453, $0.62770, and $0.70235, with each level presenting a potential barrier to upward movement. Conversely, support levels at $0.42786, $0.35320, and $0.27740 offer areas where the price might stabilize or rebound.

 

From a technical perspective, the Relative Strength Index (RSI) for Ripple stands at 39, indicating a bearish sentiment but not reaching oversold territory. The Moving Average Convergence Divergence (MACD) reflects a similar sentiment, with a value of 0.00069 and a MACD line of -0.00884, hinting at a potential downward trend. Additionally, XRP’s current price is below the 50-Day Exponential Moving Average (EMA) of $0.5875, reinforcing the bearish outlook.

 

A notable aspect in XRP’s chart is the break below a triple bottom pattern at the support level of $0.5645. This pattern typically indicates a bearish run, suggesting that we may witness an increase in selling pressure below this level. Such a break is critical as it may set the tone for XRP’s short-term market behavior.

 

As we look forward, the overall trend for Ripple  appears bearish, particularly below the $0.5645 mark. This trend suggests that the coin could continue to test lower support levels in the short term. However, the cryptocurrency market is known for its volatility, and external factors or shifts in investor sentiment could quickly alter this trajectory.

 

In conclusion, the coin currently exhibits bearish tendencies, with technical indicators and chart patterns pointing towards potential further declines. Traders and investors should closely monitor these key levels and indicators as they navigate XRP’s next moves. The coming days are crucial for Ripple’s XRP, as it tests these support and resistance levels, which will likely define its market direction in the short term.

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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