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

Sahil Mahadik
Updated
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XRP Price Faces Turbulence Near $0.5 As Whales Shuffle 80M Coins, What's Next?

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?

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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.
XRP Price
XRP Price Prediction| TradingView Chart

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.

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Will the XRP Price Rebound?

XRP Price Prediction
XRP Price Prediction| TradingView Chart

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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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.

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.

About Author
About Author
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
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.