it struggles to surpass the $0.3850 mark against the US Dollar, much like Bitcoin. To avoid further declines in the near future, the XRP price must remain above $0.3500.
Unfortunately, in the past week, the Ripple price experienced a bearish reaction from the $0.4000 zone against the US Dollar. As a result, the XRP/USD pair fell below the $0.3850 support zone, pushing it into a bearish zone.
Recently, there has been a significant drop in price, causing it to fall below $0.3800. In fact, it even plummeted below the $0.3550 mark, reaching a low of $0.3473. However, the market is now in the process of correcting these losses and has risen above the $0.355 level. This correction was aided by a move above the 23.6% Fib retracement level, which measures the downward move from the $0.4018 swing high to the $0.3473 low. Despite this upward trend, the price is still trading below $0.3700 and the 100-hour simple moving average.
XRP/USD is currently encountering resistance at the $0.3750 level. Additionally, a significant bearish trend line is forming with resistance at the same level on the 4-hour chart. The primary resistance level to watch out for is at the $0.3840 mark. If the price manages to break through both the $0.3800 and $0.3840 resistance zones, it could potentially trigger a fresh increase in value. In this scenario, the price may even surpass the $0.4020 resistance level, leading to further gains and potentially reaching the $0.4250 resistance level.
If XRP fails to cross the $0.3750 resistance, then initial support level near $0.3550, followed by a significant support level near $0.3470, which is also the last swing low. If the price continues to decline, it may reach the $0.3350 level, and if it falls below that, it could even test the $0.3200 level. It is important to keep an eye on these support levels as they may indicate a potential trend reversal or continuation.
Price Analysis estimates that XRP's market capitalization is currently estimated to be $18,614,797,384. The 24-hour trading volume for the coin is around $1,857,339,958.
KEY LEVELS :
RESISTANCE LEVEL : $0.3660-$0.3770
SUPPORT LEVEL : $0.3470-$0.3400
Despite the prevailing negative market sentiment, the XRP price has recently revisited the lower support trendline of its pattern. Nevertheless, a closer look at the daily chart reveals that the price has rebounded from the lower trendline and is now displaying a long-tail rejection attached to it. This particular rejection candle is a strong indication that the coin price is poised to trigger a new bull cycle within this pattern. We would love to hear your thoughts on this matter. Please feel free to share your views in the comment box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
