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XRP PRICE ANALYSIS CMP-$0.3900: Investors are closely monitoring U.S

TECHNICAL ASPECT:

  • XRP is trading inside the Symmetric triangle pattern on the daily chart

  • XRP is facing resistance from the falling channel pattern on the daily chart

  • XRP was rejected from the top of the falling channel line on the daily chart

24-Feb-2023 By: Lokesh Gupta
XRP PRICE ANALYSIS C

There is a limited trading range for the price.

The price has been restricted to a small trading range

between the 100-day and 200-day moving average lines, which are located around the $0.38 and $0.40 levels, respectively. The price has been unable to break out of this range despite many efforts, showing a lack of bullish momentum.

Similar to Bitcoin, The XRP/USD pair has struggled to stay above the $0.4100 threshold versus the US Dollar. To avoid more declines in the near future, XRP must hold above $0.3750. Ripple saw a bearish reaction below the $0.3800 zone against the US dollar this week, leading the XRP/USD pair to plummet below the $0.3650 support level and initiate a bearish trend.

The pair fell as low as $0.3612 before a significant comeback wave pushed the price over the $0.3930 resistance zone and even beyond the $0.4000 level. Nevertheless, the bears immediately emerged at $0.4100, hitting $0.4090.

The XRP/USD pair has fallen below $0.4000, indicating a bearish trend. The price fell sharply below $0.3910 and the 50-hourly simple moving average. Now, the market is attempting to recoup its losses and is trading below the $0.3900 level.

On the 4-hour chart, the XRP/USD pair is now facing resistance at $0.4000, with a significant bearish trend line emerging at the same level. If the price breaks over this level, it may cause a price surge, potentially pushing it above the $0.4200 resistance level. Additional gains might push the price up to the $0.4350 barrier level.

If XRP fails to break over the $0.4000 resistance zone, immediate downside support is near $0.3850. The next significant support level is about $0.3770. If the price falls below this level, it may challenge the $0.3610 support level. Additional losses might bring the price below $0.3500, and if it falls below that, it could possibly hit $0.3200.

Price Analysis estimates that XRP's market capitalization is currently estimated to be $19,842,195,260. The 24-hour trading volume for the coin is around $795,718,381.

KEY LEVELS :

RESISTANCE LEVEL : $0.4000-$0.4150

SUPPORT LEVEL : $0.3830-$0.3750

The price failed to break above the $0.43 resistance level and has been confined to a narrow range between $0.38 and $0.4. Could XRP experience a significant surge in 2023? What are your thoughts? We'd love to hear them in the comments below!

WHAT'S YOUR OPINION?
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