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XRP PRICE ANALYSIS CMP-$0.4670: XRP Bulls Fight for Recovery

Key Takeaways
  • XRP has consistently been recording higher lows and higher highs. However, it has recently formed a double top pattern
  • Upon analyzing the weekly chart, it becomes evident that XRP has encountered a descending resistance trend line on multiple occasions
10-Jul-2023 By: Lokesh Gupta
XRP PRICE ANALYSIS CMP-$0.4670: XRP Bulls Fight for Recovery

XRP is facing difficulty, unable to surpass the $0.485 mark.

XRP has experienced decreased volatility in the past two weeks. The $0.5 level holds both psychological and technical significance, with the bulls maintaining an advantage on the daily chart since March. Similar to Bitcoin, Ripple's price is currently encountering obstacles below the $0.485 level against the US Dollar. Should XRP fail to sustain support above $0.455 in the near term, there is a potential for further decline in its price.

On The Daily Chart:

On the daily chart, XRP shows a promising local uptrend with higher lows and higher highs after a bottom in June 2022. However, it recently encountered resistance at a double top pattern and pulled back. It's important for XRP to hold support above the May 2023 low to avoid potential decline towards $0.32-$0.30. Breaking above the local high would be bullish.

On The 4-Hour Chart:

Over the past two weeks, XRP has been relatively quiet in the market. While it previously showed consistent bullish performance, the overall trend has shifted downwards. However, there is still a presence of bullish sentiment, indicating potential for a recovery. Traders can explore opportunities between the $0.46 support and $0.49-$0.50 resistance levels. Despite a bearish market structure, the $0.46 support has been strongly defended by buyers. The OBV indicator reflects a slow downtrend, suggesting sellers have an advantage. The RSI has been below 50, indicating bearish momentum. Nevertheless, the bulls have shown resilience in protecting the $0.46 zone.

According to Price Analysis, Market capitalization of XRP is around $24,459,870,775. Additionally, the trading volume over the past 24 hours has been approximately $435,481,131.

KEY LEVELS :

RESISTANCE LEVEL : $0.4970-$0.5100

SUPPORT LEVEL : $0.4770-$0.4650

Will the breakout during XRP's attempt to fight the short-term downtrend lead to an upward surge? Can XRP surpass the $0.50 mark and potentially reach $1 in the near future, or is a reversal more likely to occur? Please share your views 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.

WHAT'S YOUR OPINION?
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