Over the last couple of months, XRP found itself in a correctional journey, experiencing a significant dip of approximately 47% from its recent peak at $0.938 to its current trading stance at $0.500. In a curious twist, amidst the ongoing market uncertainty, the coin's valuation has embraced consolidation since the middle of August.
XRP's token has found support at $0.485 against the US Dollar, and the potential for a recovery exists if it can overcome resistance at $0.510 and $0.525. Over recent days, XRP has experienced a gradual decline, starting from the $0.550 resistance level against the US Dollar. This led to a drop below both $0.532 and $0.525 support levels, briefly touching below $0.500. The token hit a low around $0.4909 and is currently attempting a recovery, similar to Bitcoin and Ethereum. The formation of a range pattern has created a no-trading zone for XRP traders.
On the 4-hour chart, XRP has traded sideways between $0.550 and $0.480 for nearly three weeks, forming a rectangle pattern. Momentum is within the Bollinger bands, hinting at a potential breakout soon. Initially, the price found support at a key trendline, leading to a modest recovery, but it later broke below this support. Additionally, there are signs of a possible double-bottom reversal pattern within the consolidation range.
According to Coingabbar Price Analysis, XRP's market capitalization is approximately $26,412,943,559, with a 24-hour trading volume of around $744,249,337.
KEY LEVELS :
RESISTANCE LEVEL : $0.5150-$0.5300
SUPPORT LEVEL : $0.4850-$0.4600
Is there a possibility of XRP's price retracing to $0.42? With XRP forming a Cup and Handle pattern on the monthly chart and gearing up for a rally, are we looking at a potential trend reversal in XRP's future? We'd like to hear your thoughts in the comments 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.
