Claim BonusHere’s Why XRP Price Is at Risk of Losing $0.5 Support
Highlights
- Amid the formation of a bearish double-top pattern, the XRP price is at risk of falling to $0.48.
- The coin price challenges the upper boundary of the Bollinger Band indicator.
- The intraday trading volume in the XRP is $1.7 Billion, indicating a 7.2% loss.
The ongoing rally in the sixth largest cryptocurrency XRP witnessed a major roadblock at the $0.575 barrier. The long-wick rejection at this barrier reflects the overhead supply and the formation of a double-bottom pattern. The broader market sentiment continues to invalidate the buyer’s attempt and trigger a consolidation in several major altcoins. Will the BTC price reversal from $52K, plunge the XRP price back to $0.5?
Also Read: Ripple XRP Case Update: Financial, ODL Details Will Remain Sealed Until SEC Remedies Brief
Is XRP Price Heading to $0.5
The February month recovery in XRP price can be traced using a support trendline in the daily chart. From the last swing low of $0.485, the coin price will surge 14.5% to reach the current trading price of $0.55.
The coin price rebounded thrice from this support reflecting that the buyers continue accumulating this asset at dips, one of the key aspects for establishing recovery. However, the rally faces a minor road at $0.576 resistance, projected by a daily candle with long wick rejection.
The two reversals from this resistance indicate the possibility of a double-top pattern. This chart pattern often spotted at the major top indicates the XRP price may enter a new correction amid the weakening bullish momentum in BTC.
Currently trading at $0.55, the XRP price is down 1.46% and teases a breakdown below the $0.541 neckline support. A successful bearish breakdown will also pierce the support and intensify the selling momentum.
A post-breakdown fall may have plunged the XRP coin by 12% to hit $0.48.
Conversely, if the support trendline holds, the buyers may rechallenge the overhead resistance trendline to initiate a fresh rally
Also Read: XRP Whale Offloads 26 Mln Tokens As Ripple’s Extended Deadline Nears
Technical Indicator
- Bollinger Band: The midline of the Bollinger band indicator will act as additional pullback support for buyers,
- Moving Average Convergence Divergence: A bullish crossover between the MACD and the signal line indicates the current recovery is still intact.
Related Articles:
- Crypto Prices Today: Bitcoin Drops Below 52K, XRP & ADA Gain As PEPE Dips
- Ripple Moves 60 Mln XRP Right Before Remedies-Related Discovery Deadline
- Bitcoin Bulls and Stock Market Woes: Max Keiser’s Forecast
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Tom Lee’s BitMine Increases Staked ETH To $2.5B as Ethereum Staking Queue Surges
- Trump Tariffs: U.S. Supreme Court Sets January 9 for Possible Ruling
- Fed’s Stephen Miran Backs 100+ Bps of Rate Cuts as Crypto Traders Price In Only Two
- Why is SUI Price Up Today (Jan 6)
- Breaking: Morgan Stanley Files S-1 for Bitcoin and Solana ETFs With U.S. SEC
- Bitcoin Price Rally Could Hit $107K, Legendary Trader Predicts Ahead of US Jobs Data
- Top 3 Crypto Prices Prediction: Dogecoin, Cardano, and Chainlink Poised for Big Moves
- Ethereum Price Eyes $4K as BitMine Stakes $2.5B in ETH
- Bitcoin and Gold Price Prediction as Venezuela Conflict Fuels Investor Uncertainty
- Expert Predicts a 246% Shiba Inu Price Surge as a Rare Pattern Forms
- XRP Price Eyes a 65% Rally Amid $43.16M Weekly Spot ETFs Inflows
