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XRP’s Bearish Run in Channel; $0.4750 Next Target?

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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 28, 2023 | 2 min
Updated on Oct 01, 2023
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  • XRP’s 4-hour chart showcases pivotal resistance and support levels, with a key pivot at $0.5055.
  • Technical indicators, including RSI and MACD, align with a bearish outlook.
  • Downward channel pattern on the chart reaffirms the current bearish sentiment.                                                                                                                                                                                             

In recent trading sessions, XRP has exhibited a pronounced bearish trajectory, moving steadily within a well-defined downward channel. With current market dynamics and sentiment pointing south, the critical question arises: Is the $0.4750 mark the imminent target for XRP? This analysis delves deep into the technical indicators, price patterns, and potential factors influencing XRP’s direction, aiming to shed light on its near-term prospects.

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

Ripple Price Prediction: Technical Outlook

As of September 28, Ripple’s (XRP/USD) current price stands at $0.496970 USD. The cryptocurrency has witnessed a drop of 0.87% in the last 24 hours. In the broader crypto marketplace, XRP ranks at #5 on CoinMarketCap. This standing is supported by its impressive market cap of approximately $26.49 billion USD. From a supply perspective, there’s an active circulation of about 53.31 billion coins, gradually approaching its upper limit of 100 billion XRP coins.

 

Based on a 4-hour chart analysis, the pivot point for the coin is set at $0.5055. Going upwards, the immediate resistance lies at $0.5222, with further resistances at $0.5422 and $0.5589. On the flip side, immediate support is found at $0.4855, followed closely by $0.4686 and then $0.4483.

 

Diving deeper into the technical indicators:

The Relative Strength Index (RSI) for the coin is currently at 42, indicating a bearish sentiment since it’s below the midline of 50. The Moving Average Convergence Divergence (MACD) displays a value of -0.0003, with its signal line at -0.0019. This hints at a potential downward momentum, given the MACD line’s position relative to the signal line. The 50-Day Exponential Moving Average (50 EMA) stands at $0.5038. With XRP’s price currently below this level, the short-term trend leans towards the bearish side.

When observing the chart patterns, XRP is moving within a downward channel, indicating that the asset is on a downtrend. While channels don’t predict direction outside of their bounds, the current pattern suggests a continuation of the bearish sentiment.

 

Currently, there’s no fundamental news directly affecting the price action of XRP.

In conclusion, the market trend for Ripple is largely bearish, especially when it’s trading below the $0.5055 level. Conversely, any movement above this point could signal a change in sentiment. In the short-term forecast, the $0.4750 level is a potential target, especially if the bearish momentum persists. However, as with all investments, it’s crucial to conduct personal research and due diligence before making any investment decisions.

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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