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

11 months ago 3

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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?

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.

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.

Will the XRP Price Rebound?

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.