- XRP price is approaching a bullish trendline as an immediate support.
- XRP price action is showing a double top pattern on the 4-hours time frame.
- The RSI indicator is still seen above the halfway mark on the daily time frame.
Currently, the XRP price is not fulfilling customer expectations. After earning a greater price rejection at the $0.55 resistance level, the asset price went negative. Sellers have refused to get any closer to this level twice in the previous 30 days. Buyers may witness a further drop in prices before seeing a significant recovery at this time.
XRP’s price is presently negative, having dropped 8.47% in the last three days. Traders have placed their resistance trading range between $0.44 and $0.55. And the bears benefit from the second price rejection by forming a double top price pattern. If purchasers fail to hold current price levels, XRP price forecast may become more pessimistic.
XRP on 4 Hour Chart
On a 4 hour chart, buyers attempt to keep XPR price above the short-term ascending trendline to avoid upcoming sell-off from the current levels. Crypto price may revisit the $0.43 to $0.44 support zone if price slips below the trendline. Hourly RSI indicator is about to reach the oversold zone. Buyers need to manage a bullish trendline for a positive trend.
Meanwhile, at the time of writing, the XRP price against the USDT pair is trading at $0.488 mark along with 0.21% intraday gain. Today’s bullish price closing may contribute ahead in price recovery. Moreover, the XRP/BTC pair price is down at 0.00002542 satoshis. However, trading volume fell 22% to $1.899 Billion in the last 24 hour.
XRP Price Prediction Indicates More Price Fall Below Trendline
On daily price scale, the 20 and 200 day exponential moving averages are meeting at the same point of $0.473- immediate support level. This could be a base for reducing selling pressure. In addition, MACD stays in the positive region but recently it reflects a crossover to the downside, which is now good for bulls.
Conclusion
The XRP price observes just above the short-term bullish trendline (blue). Buyers need to maintain this support level to defend themselves ahead. XRP price prediction could favor bears if price slips below the trendline.
Support level – $0.38 and $0.30
Resistance level – $0.55 and $0.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/12/xrp-price-prediction-red-alert-for-xrp-dont-jump-into-trade-without-proper-strategy/