XRP Price Prediction, Can the bulls maintain the support
- In the 4-hour chart, XRP is currently situated at the lower boundary of an ascending trendline
- On the daily chart, XRP is currently facing resistance at the $0.51 level, which coincides with the former support trendline
- A breakdown occurring beneath the triangle pattern suggests that sellers may potentially prolong the ongoing correction trend
A triangle pattern breakdown signals an extended correction in XRP
Amid market uncertainty over a Bitcoin spot ETF, altcoins are experiencing significant volatility. They've witnessed rapid price surges followed by sharp corrections. Even established coins like XRP are not immune. XRP recently rose above $0.49, approaching $0.50, but faced resistance near the 50-Day Moving Average, causing a price decline.
Technical View:
According to Coingabbar Price Analysis, In October, XRP faced significant bearish pressure, dropping from $0.548 to $0.490, a 10.50% decline. This broke the support trendline of an ascending triangle pattern, typically bullish. Failing to reclaim $0.50 on October 16 highlights selling pressure. An attempt to test the new resistance met a strong rejection on the daily chart, indicating bearish control and a possible 6.80% decline if it falls below $0.485 to reach support at $0.458 and a longer-term trendline.
KEY LEVELS :
RESISTANCE LEVEL : $0.5000-$0.5150
SUPPORT LEVEL : $0.4800-$0.4700
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.
