XRP PRICE ANALYSIS: Is XRP Confirming a Head and Shoulders Breakout?
- On the 4-hour chart, XRP has recently formed an inverse head and shoulders pattern
- XRP's price formed a double bottom pattern on September 11 and subsequently broke out from a descending resistance line
- Both daily and 4-hour time frames offer a mixed outlook due to price action and RSI readings
Will XRP Confirm the Head and Shoulders Bottom Breakout?
XRP's price has been consolidating in a tight range after a major crash. It's now testing a crucial level that will determine the mid-term trend. XRP has been trading within this range since rebounding from $0.43, with the 200-day moving average at around $0.52 acting as a key resistance.
On The Daily Chart:
Ripple's token price is holding above $0.5000 against the US Dollar but faces potential downside pressure if it can't surpass $0.5200. While it briefly exceeded the $0.5150 resistance, it struggled to break $0.5250. After reaching a high near $0.5254, a correction occurred, briefly pushing below $0.5120 and even dipping under $0.5000. It found support around $0.4912 and is now consolidating, trading above $0.5000 and the 50-hourly simple moving average.
On The 4-Hour Chart:
On the 4-hour chart, XRP has recently formed an inverse head and shoulders pattern, with its confirmation largely dependent on trading volume. Upon closer examination, the signals are mixed: XRP managed to reclaim the $0.49 support level after a brief dip, which is a positive sign. However, there are bearish indicators to consider, such as a recent break below a short-term ascending support line, indicating a possible halt in the previous upward momentum. Additionally, the 4-hour RSI has fallen below 50, signaling a decrease in momentum.
According to Coingabbar Price Analysis, XRP's market capitalization is approximately $26,678,055,251, with a 24-hour trading volume of around $715,394,663.
KEY LEVELS :
RESISTANCE LEVEL : $0.5150-$0.5300
SUPPORT LEVEL : $0.4900-$0.4820
Will Ripple's XRP experience a breakdown or make a comeback? Could the recent correction trend drive XRP below $0.50? Is XRP on the verge of confirming a breakout from the head and shoulders bottom pattern? Is there a potential 10% breakout in XRP's price on the horizon? Share your thoughts 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.
