XRP Price Prediction As Emerging Pattern Hints $0.5 Support Could Crumble

XRP Price Prediction: The XRP price near the apex of the triangle pattern hints at a make-or-break scenario in action.

Published 10 hours ago

XRP Price Prediction: The sixth largest cryptocurrency XRP has been showcasing its sustainability above the $0.5 psychological level since the beginning of 2024. The three price reversals from this support show active buying actively and a suitable platform triggering fresh recovery. However, with the overhead resistance still intact and increasing market volatility, the XRP price is at risk of prolonged downfall.

Also Read: Ripple News: XRP Price Regains Momentum, Next Stop At $0.6?

XRP Price Stands on the Brink of a Critical Breakout

The XRP price currently trades at $0.51 with an intraday loss of $1.37
Descending triangle breakout will end the stagnant movement in this asset
The intraday trading volume in the XRP is $570 Million, indicating a 41% loss.

Since the start of 2024, the XRP price has been on a downward trend, marked by a declining trendline in the daily chart. This trendline, along with a strong support level at $0.5, plays a crucial role in guiding the cryptocurrency’s direction, suggesting the emergence of a bearish trend.

The pattern observed indicates a weakening bullish momentum, which could transition into a significant drop if sellers manage to push below the neckline support. Currently, the XRP price is trading at $0.51, and the tightening convergence of the trendlines points to an upcoming decisive moment.

Sellers are advised to watch for a daily candlestick closure beneath the $0.5 mark to confirm a bearish breakout. Such a breakdown could lead the price down to the $0.458 support level, and possibly further to $0.42, where a longstanding support trendline awaits.

This particular trendline, effective since June 22nd, has historically served as a major buying area during price dips. Therefore, in case of a prolonged downfall, the $0.42 could be the potential bottom of the year 2024 before a new recovery sparks.

Will the XRP Price Rebound?

With the market currently tilted in favor of XRP sellers, the recent announcement of Ripple Payments re-entering the US market after a three-year hiatus could catalyze a positive shift. This news has the potential to stimulate natural demand for XRP and support a breakthrough above the triangle pattern’s descending trendline.

This potential breakout may surge the coin by 15% and rechallenge the multi-month resistance trendline around $0.58. A bullish breakout from this barrier to kickstart sustainable growth in XRP.

Moving Average Convergence Divergence: Multiple crossovers in the MACD indicator below the midline reflect uncertain market sentiment.
Bollinger Band: An upswing lower boundary of the Bollinger Bands indicator highlights offers additional support for coin buyers.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/xrp-price-prediction-pattern-hints-0-5-crumble/

XRP Price Stands on the Brink of a Critical Breakout

Will the XRP Price Rebound?

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