XRP’s Price Shows Bearish Signals: Will it Reach $0.48?
The price of Ripple’s XRP has recently dropped to the $0.55 support level, leading to a loss of 10.54% of its value on a Year-To-Date (YTD) basis. This decline has raised concerns among traders, with some speculating that the price might further slide to $0.48.
Analysts studying the 4-hour XRP/USD chart have noticed a potential invalidation of a short-term bullish trend towards $0.60. The resistance at $0.58 has proven to be a significant hurdle for the bulls, indicating a lack of buying pressure in the market. This situation has given the bears the upper hand, and if this continues, a pullback to $0.52 is likely. The ability to defend the $0.52 support might trigger a rebound, but if the price breaks below $0.50, the next target for XRP could be around $0.48.
Furthermore, indicators such as the Moving Average Convergence Divergence (MACD) are showing an increasing bearish momentum, with the longer EMA flipping the shorter EMA and the MACD reading in negative territory. The Aroon indicator also supports a bearish outlook, with the Aroon Down significantly higher than the Aroon Up.
On the daily timeframe, the Relative Strength Index (RSI) has decreased to 58.01, indicating a diminishing bullish momentum. The Supertrend indicator has also given a sell signal, with the red region above XRP’s price.
The current market sentiment suggests that XRP might struggle to regain its bullish momentum in the short term. However, a shift in the broader market sentiment could potentially help XRP to rebound. Nevertheless, there is a high likelihood of the token declining below $0.55.
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