RIPPLE PRICE ANALYSIS CMP-$0.3830: After forming shooting star formation, the Bears are hammering the Bulls

The coin is now trading at $0.3830, a 4.00% drop in 24 hours.

 In the early hours of today, XRP lost momentum and fell.

In terms of price growth over the previous seven days, XRP is also performing well. The currency has gained more than 22.30% in seven days, outperforming Tether, BNB, Cardano, Solana, and many others.

Ripple began a strong climb above the $0.350 barrier level against the US dollar. The XRP price is attempting a critical upward break over the $0.380 barrier level. After a severe drop, Ripple's XRP found support at $0.320 per US dollar. The bears made two unsuccessful efforts to knock the stock below the $0.32 support level.

Before the latest upswing, a new low was formed near $0.316. The price rose above the 23.6% Fib retracement level of the decline from the $0.5099 swing high to the $0.3200 swing low.

The price gained momentum as it moved above the $0.360 and $0.380 barrier levels. The price broke through the significant resistance level of $0.405 and reached a high of $0419. However, bulls are unable to maintain higher levels. The XRP/USD pair fell below the $0.4050 support level, entering a bearish zone in the short term.

 The price even dropped below $0.3920. A spike occurred below the 50% Fib retracement line of the upward run from the $0.3457 swing low to the $0.4194 high. The price is now trading at $0.3850 and the 50 hourly simple moving average.

On the upside, resistance is located at $0.3920. The next significant resistance is at $0.4000. The major resistance is placed near $0.4150.The 50% Fib retracement level of the decline from the $0.5100 swing high to the $0.3160 swing low is very close to the $0.415 level. A decisive break over the $0.415 and $0.418 resistance levels might spark a new uptrend. In this scenario, the price might possibly break over the $0.445 barrier. The next significant barrier is located at the $0.465 level. Any further rises might push the price towards $0.50 in the coming days.

If ripple fails to break over the $0.392 resistance level, it may begin to fall. On the downside, an initial support level is at $0.3800. The next significant support level is at $0.3720. On the 4-hours chart of the XRP/USD pair, a key bullish trend line is forming with support at $0.3720. The trend line is close to the 61.8% Fib retracement level of the uptrend from the $0.3457 swing low to the $0.4194 high. The next significant support level is at $0.3655. Any more losses might push the price towards the $0.3320 level, below which it could test $0.3200.

According to Price Analysis, The market capitalization of this XRP is estimated to be $19,292,759,012. The 24-hour trading volume for the coin is around $994,701,104. XRP market capitalization has fallen by 4.05%. However, trade volume increased by 88.06% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $0.4000-$0.4200

SUPPORT LEVEL : $0.3700-$0.3600

As RIPPLE hits the top of the channel line, Bulls are unable to sustain at higher levels, and profit booking is seen at higher levels. Will XRP touch the channel based on the chart pattern? Please make your opinion.