On Tuesday, October 10, the cryptocurrency market experienced notable declines, causing anxiety among investors amidst ongoing geopolitical unrest. Over the past day, the crypto market has been in a slump, mirroring a modest decline in global equity markets. This decline coincides with increased oil prices driven by renewed instability in the Middle East.
Over the past two months, XRP has struggled to break past the $0.55 resistance, facing rejection four times. The consistent rejection at this level highlights strong selling pressure. Currently, there's a fresh bearish pullback across the crypto market, and XRP has dropped below a trendline that served as solid support for over a month. If it closes below this trendline on a daily basis, XRP might experience panic selling, potentially reaching the $0.45-$0.40 range soon.
According to Coingabbar Price Analysis, XRP has been in a sideways trading pattern since mid-August 2023. However, it faces challenges in crossing the $0.55 resistance level, causing uncertainty for investors. Recent events, including breaking below the lower trendline of a triangle pattern and the 50-day moving average, have revived bearish sentiment among sellers. If today's candlestick closes below this critical trendline, it could indicate the potential for XRP to decline further, possibly reaching $0.4500, and potentially intensifying selling pressure that might push XRP toward $0.4000.
KEY LEVELS :
RESISTANCE LEVEL : $0.5060-$0.5170
SUPPORT LEVEL : $0.4850-$0.4720
Is XRP's price poised to test the $0.40 barrier as the pattern breaks, or is there a potential for XRP to reverse course? Share your thoughts in the comments 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.