Lokesh Gupta
21-02-2024
Significant bearish pressure observed on XRP's price in recent months.
#XRP struggles to surpass $0.580, akin to Bitcoin's challenge at $53,000.
The $XRP coin unsuccessfully breaks through the descending channel pattern and retreats.
Rejected at $0.580, #XRP trends bearishly, erasing previous gains.
Despite a bullish start, $XRP fails to breach 0.382 Fibonacci resistance, facing hurdles around $0.578.
Long-wick rejection indicates overhead supply and potential double-bottom pattern formation.
On the daily chart, XRP forms a Black Marubozu candlestick, breaching the 50-Day EMA.
Support trendline on the daily chart monitors XRP's movement, potential bearish breakdown increases selling pressure.
Post-breakdown decline may lead XRP's price to drop by 12% to $0.48.
According to Coingabbar's analysis, XRP Price Prediction 2030 will be approx $3.00.
XRP Price Prediction 2050 prediction that it may reach a minimum of 2000 XRP in INR.
KEY LEVELS :
RESISTANCE LEVEL : $0.5650-$0.5800
SUPPORT LEVEL : $0.5220-$0.5000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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