The XRP price is currently in a negative trend, testing important support levels & possibly approaching $0.5291 and $0.4663, indicating a major market shift.
As of the latest update, the XRP price is approximately $0.5699, down 1% from the previous day. XRP’s market cap has dropped by 13.15% to $31 billion. Furthermore, XRP’s trading volume has decreased by 1%, totaling $1.6 billion.
Technical Analysis of XRP Price
The technical analysis of the XRP reveals a strong bearish trend, as it recently broke through the critical support level at $0.5456. This breach and the price falling below the 100-day Simple Moving Average (SMA) point to increased selling pressure and a possible downtrend continuation.
4-Hour Chart Insights
The recent breach of the $0.5455 support level has fueled bearish sentiment toward the XRP. This support level, which was previously a stronghold for the price, has been surpassed, indicating a shift toward increased selling pressure. Moreover, the XRP has fallen below the 100-day Simple Moving Average (SMA), extending the downtrend trend.
24-Hours Chart Indicators
On the daily chart, the XRP price has broken through the $0.5466 support level and is heading towards the $0.5291 mark. If the XRP falls below the 100-day SMA, it may indicate a further shift toward bearish market sentiment. The charts are also below zero, indicating that the XRP could fall further.
Prediction and Key Levels for XRP Price
The XRP price is expected to hit critical support and resistance levels, which will shape its future movements. If the current bearish trend continues, the next important support level could be $0.5291. A dip below this level could increase the negative sentiment, potentially driving the XRP price down to the next significant support level, $0.4663.
Investors should keep a close eye on the XRP and the critical support and resistance levels. The current bearish trend suggests that if selling pressure persists, prices may fall further. However, any signs of support and reversal may indicate opportunities for upward movement. Staying informed about these key levels will be critical for making strategic decisions about XRP.
Also Read: XRP Price Skyrockets: Is a $1 Target Within Reach by Year-End?
