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Saturday, July 27, 2024

XRP Tumbles 8% Weekly but is a Crash Below $0.4 Imminent? (Ripple Price Analysis)

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Ripple’s price is currently hovering near a crucial support region which consists of both the 200-day moving average and the $0.41 price zone. A breach below this critical level could potentially trigger a significant downturn toward the descending trendline.

Technical Analysis

By Shayan

The Daily Chart

On the daily chart, it’s apparent that after the recent weeks of rejection, the price has arrived at a strong support area at the 200-day moving average of $0.41. Considering the power of this moving average, XRP may enter a consolidation phase.

However, if the price fails to hold above this crucial support zone, it could trigger a cascade leading to bearish sentiment over the market. Conversely, if the cryptocurrency finds support at the 200-day moving average, buyers can hope for a mid-term uptrend toward the $0.56 resistance level.

Source: TradingView

The 4-Hour Chart

On the 4-Hour Chart, Ripple’s price has formed an ascending channel. The recent rejection has caused it to drop below the minor support level of $0.48 and the channel’s mid-trend line. Currently, the price faces a crucial support level at $0.41.

In summary, this PA is supportive of a potential consolidation stage around the mentioned support area until a breakout occurs. However, it’s important to see how the price will actually react, as this would probably give us a clue about the short-term trend.

Source: TradingView

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Cryptocurrency charts by TradingView.

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