NewsletterXRP Price Analysis: Retest Reversal Hints 18% Drop In Ripple Price
The Ripple(XRP) price breached the May low support of $0.34, indicating the sellers are ready for another leg down. With the 20-day EMA providing a constant resistance, the altcoin is threatened to slump 20% down to $0.25 psychological support.
Key points:
- XRP price hints at a fall below $0.30 to reach $0.25
- The DMI indicator shows a rise in bearish trend momentum
- The intraday trading volume in the XRP is $1.48 Billion, indicating a 24% loss.
Source- Tradingview
XRP/USDT price chart shows a similar bearish trend mimicking the broader market trend and falls 77% from the 52-week high level at $1.41. The recent selling spree cracks under the support zone at $0.335, resulting in a fallout drop at the $0.30 mark.
However, the long-tail formations at $0.30 halt the downfall and retest the bearish breakdown of the demand zone at $0.335. Hence, the bullish breather seems to be a highly dangerous place to buy for short-term gains as the rapid reversal possibilities are incredibly high.
Yesterday’s bearish engulfing candle undermined the retest reversal, and the long-wick formation in today’s candle hints at a bearish continuation tonight.
The price action analysis shows previous support levels at $0.25 and $0.17, where sellers can expect the fallout rally to take a break.
Conversely, the bullish breakout of $0.34 can result in a price jump to the overhead resistance level at $0.40.
Technical Indicator
The 20-and-50-day EMAs maintain a bearish alignment and show a falling trend in motion, fueling the correction phase in XRP prices. Moreover, the 20-day EMA remains a crucial dynamic resistance provider keeping the bullish growth in check and opposing the recovery rally.
Coming to the DMI indicator, the DI lines maintain a bearish alignment, and the drop in ADX represents a rise in trend momentum due to the post-retest reversal. Hence, traders can expect the falling prices to cross below the $0.30 mark.
- Resistance level: $0.40 and $0.45
- Support levels: $0.30 and $0.25
- China Begins Policy Talks to Crack Down on Stablecoin and Crypto Payments
- Hyperliquid Team Moves $90M HYPE as Network Becomes Top Fee Chain
- Is Kalshi Manipulating Prediction Markets? Platform Hit With Lawsuit Over Violations
- Coinbase Submits Recommendations to CFTC on Crypto Market Rules
- 21Shares XRP ETF To Begin Trading on Monday as Institutional Inflows Hit $666 Million
- XRP Price Forms Alarming Death Cross Amid Intense Whale Dumping
- Chainlink Price Outlook as Reserve Nears 1M LINK — Bullish Shift Ahead?
- Solana Price Set for Upside as SOL Hits Record 99% Tokenized Stock Share
- Is XRP Price Gearing Up for a Rally as Reserves Collapse?
- Dogecoin Price Hovers Above $0.15 as Bulls Eye a Fresh Breakout
- Shiba Inu Price Could Rally As SHIB Burn Rate Surges 790% in 24H
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
