XRP continues to languish as the bears maintain their stronghold, with the price hovering near a pivotal support level. The high volume of selling activity suggests that a reversal may not be imminent.
TECHNICAL ASPECT:
XRP is on the verge of forming a Three Black Crows pattern on the daily chart
On the four-hour chart, XRP has broken out of the symmetrical triangle pattern
On the daily chart, XRP price has broken through the descending triangle pattern
recently due to a flurry of developments, such as the crackdown on Kraken and the Coinbase CEO's suggestion to ban crypto staking. To top it off, the ongoing legal battle between Ripple and the SEC has only added to the tension.
The XRP/USD pair is struggling to stay above the $0.4200 resistance zone against the US Dollar, and if it fails to close above $0.3800, XRP could face a sharp decline. This past week, Ripple's XRP made a valiant attempt to break through the $0.4200 resistance against the US Dollar. Unfortunately, the price lacked the necessary impetus to breach the resistance, peaking at $0.4204 before beginning a fresh descent.
The price of XRP plummeted below the $0.4120 support level, mirroring the bearish trend of Bitcoin and Ethereum. It even tested the critical $0.3850 support zone, but bulls were unable to hold and panic selling ensued, forming a low near $0.3726. Currently, XRP is trading below $0.3900 and the 50-hour simple moving average, consolidating its losses and furthering the bearish sentiment.
On the upside, immediate resistance is found near the $0.3900 zone, which is close to the 38.2% Fibonacci retracement level of the recent decline from the $0.4204 swing high to $0.3726 low. The next key resistance is located at the $0.3960 level, which is near the 50% Fibonacci retracement level of the recent descent from the $0.4204 swing high to $0.3726 low. If the price breaks above the $0.3960-$0.4000 resistance, it could potentially propel the price towards the $0.4220 resistance. Further gains could then potentially push the price towards the $0.4500 level, providing a significant boost to the market.
If XRP fails to breach the $0.3900 resistance zone, it could continue to plummet. The first major support level is close to $0.3800, followed by the $0.3750 level. If the price breaks and closes beneath $0.3750, XRP could suffer further losses, potentially even dropping below the $0.3500 support level.
Price Analysis estimates that XRP's market capitalization is currently estimated to be $19,528,651,325. The coin's 24-hour trading volume is also quite impressive, reaching an all-time high of $1,413,960,000. XRP market capitalization has fallen by 2.58% During intraday trading, however, transaction volume rose by 46.54%.
KEY LEVELS :
RESISTANCE LEVEL : $0.3900-$0.4050
SUPPORT LEVEL : $0.3750-$0.3600
As Ripple's legal proceedings with the Securities and Exchange Commission (SEC) come to a close, will XRP whales remain steadfast and prevent a major price dip? With Ripple's case against the SEC potentially taking a crucial turn soon, will the trend of relisting XRP be successful? Please share your thoughts in the comments section below.
