XRP PRICE ANALYSIS CMP-$0.4220: Ripple's Support Breakdown Raises Questions: Will $0.4000 be the Next Stop?
- XRP has been trading steadily within a long-term rising parallel channel
- Upon analysing the daily chart, it is evident that XRP has formed a Three Black Crow pattern
- On the four-hour chart, it can be observed that XRP is currently trading within a descending channel
XRP price is currently experiencing a bearish trend
below the $0.45 mark against the US Dollar. There is a significant risk of further losses if the support level of $0.40 is breached.
During the previous week, XRP made an effort to rise above the $0.465 level against the US Dollar but encountered resistance from bearish forces near $0.47. As a result, the price dropped, following a similar pattern as Bitcoin and Ethereum.
XRP/USD experienced a significant downward movement, breaking below crucial support levels at $0.450 and $0.445. This decline continued below $0.4400, indicating that the bears have taken control. The price further breached the $0.4300 and $0.4200 levels, reaching a low point at $0.4100.
Currently, the price is consolidating its losses and is trading below both $0.4400 and the 50-hourly simple moving average. On the 4-hour chart of the XRP/USD pair, a connecting bullish trend line is forming, which offers support near $0.400.
if XRP/USD is unable to surpass the resistance zone at $0.4400, it may experience further downward movement. The initial support to watch for on the downside is around the $0.4100 level. Should the price break below this level, the next significant support can be found near $0.4000. A downside break and a close below $0.4000 could potentially lead to extended losses for XRP, with the price potentially testing the support zone at $0.3800.
The market capitalization of XRP is presently estimated to be $22,049,620,218, according to Price Analysis. The 24-hour trading volume of the coin is around $1,142,872,717.
KEY LEVELS :
RESISTANCE LEVEL : $0.4350-$0.4500
SUPPORT LEVEL : $0.4100-$0.4000
Ripple price has recently lost a crucial support level, which has raised concerns about the potential for a recovery in the near future. With the critical support broken, many are wondering where the price will find support and if Ripple (XRP) can recover. We invite you to share your views on this matter 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.
