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
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!
