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XRP’s Dive Under $0.5000: A Call to Short Now?

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  • XRP/USD showcases a clear bearish bias, having broken past the key $0.4900 support, and the 4-hour chart reveals a bearish engulfing candle hinting at heightened selling pressures. Immediate targets sit at $0.4700, with a possible dip to $0.4595.
  • XRP faces an uphill battle with resistance at $0.4900. The RSI, MACD, and the 50-day EMA further amplify this bearish sentiment, particularly with candlesticks consistently closing below the $0.4950 mark.
  • A break above the $0.4950 resistance could redirect XRP towards the $0.5050 level, signifying a potential bullish resurgence.                                                                                                                                                                 

In the unpredictable realm of cryptocurrency trading, XRP’s recent descent below the $0.5000 threshold has set alarm bells ringing for many investors. This pivotal mark, long considered a stronghold for the coin, is now posing questions about its future trajectory. Is this dip a transient blip, or does it signal an opportune moment for traders to consider shorting? As we delve deeper into the market dynamics and underlying factors, we aim to provide a clearer picture of what lies ahead for this prominent digital asset

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

Ripple Price Prediction: Technical Outlook

Today, XRP is trading at $0.482413, experiencing a 24-hour trading volume of $761,449,420. Over the past day, XRP has decreased by 3.57%. According to CoinMarketCap, it’s currently ranked #6, boasting a market capitalization of $25,607,958,010 USD. The circulating supply stands at 53,083,046,512 XRP coins, out of a maximum possible supply of 100,000,000,000 XRP coins.

The XRP/USD trading pair currently exhibits a pronounced bearish tilt. It has breached a significant support barrier at the $0.4900 mark, which had previously served as a robust triple bottom support zone. When observed on a 4-hour chart, the emergence of a bearish engulfing candlestick pattern suggests a potential intensification of the selling momentum for the coin. Given this trajectory, the XRP/USD seems poised to target the subsequent support threshold of $0.4700 and might even venture as low as the $0.4595 mark if bearish pressures persist.

At present, the coin encounters immediate resistance at the $0.4900 level, impeding its bullish advancements. Adding to this bearish narrative are the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators, both of which are entrenched in the sell domain. The 50-day Exponential Moving Average (EMA) further delineates resistance near the $0.4950 mark. Consistent candlestick closures below this level serve as an ominous indicator, reinforcing the potential for an extended selling trend.

Conversely, should XRP demonstrate the capability to surpass the $0.4950 resistance, it would likely set its sights on the next resistance level at $0.5050. A strong momentum beyond this point could even propel the cryptocurrency to loftier heights.

Stay tuned for more updates!

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