XRP Price Brings Dip Opportunity At $0.45 Support; Buy Now?

The Ripple(XRP) coin price showcased reversal signs at $0.45 support; should we enter this pullback opportunity?
By Brian Bollinger
XRP ripple

As the negative sentiment around the crypto market rose with the expected interest hike from US Fed, most major crypto coins were facing uncertainty in their price trend. Hence, the XRP coin being no exception, its price continue to wobble between two absolute barriers. Thus, a breakout from either of the range levels will influence the future trend for Ripple(XRP)

Advertisement
Advertisement

Key points from XRP price analysis: 

  • The ongoing correction plunged the XRP price back to a 50% Fibonacci retracement level
  • A bearish crossover between the 20-and-200-day EMAs encourages sellers for a longer correction
  • The intraday trading volume in the XRP is $4.5 Billion, indicating a 123% gain.

XRP price ChartSource- Tradingview

The XRP coin price has been resonating between the $0.55 and $0.45 barriers over a month, indicating a range-bound rally. The role of this consolidation phase is to sustain prices after the exceptional rally in September.

Furthermore, the altcoin has retested both the aforementioned barriers twice, indicating the traders are responding to those and could assist in influencing the market price. As of now, the XRP price currently trades at 0.4433, with an insignificant intraday loss of 0.04%.

However, the coin faced sharp selling earlier today, encouraging sellers to breach the combined support of $0.45 and the 50% Fibonacci retracement level. However, as the market sentiment eased off, the price regained the lost ground and reflected a long-tail rejection candle.

Also read- What To Expect Next In XRP Lawsuit? Lawyer Drops Hint

Such lower price rejection indicates the buyers are defending this level and attempting to push the price higher. Thus, this reversal signs at strong support, such as 0.5 FIB, offering a dip opportunity for sidelined buyers.

Moreover, the replenished bullish momentum could push the prices 21.5% higher to rechallenge the $0.55 mark.

On a contrary note, if the market sentiment worsens, a breakdown below the $0.45 support will extend the price correction.

Advertisement
Advertisement

Technical Indicator

Relative Strength Index: the daily-RSI slope nosedived below the neutral sentiment indicates the market sentiment has turned negative and strengthens the possibility for a $0.445 breakdown,

EMAs: the 50-and-100-day EMAs on the buyers’ side offer additional support to prevent further downfall.

  • Resistance levels: $0.512 and $0.55
  • Support levels: $0.435 and $0.41
Advertisement
Brian Bollinger
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.