XRP SHORT- XRP has hit the range high (buyside liquidity)
- po3 Cycle has ended
- Price will look to fill the imbalance
Xrpusdanalysis
XRPUSDT ( INSIDE SENSITVIE AREA ) (4H)XRPUSDT
HELLO TRADERS
Tendency , the price inside two turning level around 0.58 & 0.56 .
TURNING LEVEL (1) : the price of this level at 0.58, so if the price breaking this level reach a resistance level (1) .
TURNING LEVEL (2) : the price of this level at 0.56 , so if the price breaking this level reach a support level (1) .
RESISTANCE LEVEL (1) : this level around 0.60, for reach this resistance level the price need breaking a turning level (1) .
RESISTANCE LEVEL (2) : around 0.65 , for reach this level it will be breaking by open 4h or 1h candle above resistance level (1)
SUPPORT LEVEL (1) : this level around O.51 , for reach this support level the price need breaking a turning level (2) .
SUPPORT LEVEL (2) : support level at 0.47 , for reach this level will be breaking by open 4h candle below support level (1) .
CORRECTIVE LEVEL : currently price 0.57 , have two scenario , first corrective turning level (1), before dropping to touch a turning level (2) , then breaking this level reach a support level (1), second corrective turning level (2) , to reach a turning level (1) , then breaking this level reach a resistance level (1).
TARGET LEVEL :
RESISTANCE LEVEL : 0.60 , 0.65 .
SUPPORT LEVEL : 0.51 , 0.47 .
XRP Fever Grips South Korea as Traders Anticipate Legal VictoryA surge in XRP trading activity is sweeping across South Korea, propelling the token to its highest price since March 25th. The sudden surge in demand, particularly on domestic exchanges, has caught the attention of market observers, who point to the country's history of fervent support for rallying cryptocurrencies.
South Korean traders are renowned for their enthusiasm for digital assets, often driving rapid price increases through collective buying fervor. This characteristic, often referred to as the "Korean premium," has been a significant factor in the cryptocurrency market, particularly during periods of heightened optimism.
The recent surge in trading volume and price appears to be fueled by growing expectations that the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is nearing its end. A favorable outcome for Ripple could significantly impact the price of XRP, as it would likely clarify the regulatory status of the token.
Data indicates that XRP's trading volume on South Korean exchanges has dramatically outpaced that of Bitcoin, the world's largest cryptocurrency. This unusual dominance highlights the intense focus on XRP among South Korean traders. Some analysts suggest that the token's performance in the Korean market could serve as a leading indicator for broader market trends.
While the current surge in XRP price is undoubtedly exciting for investors, it's essential to approach the market with caution. The cryptocurrency market is highly volatile, and rapid price
Moreover, the outcome of the Ripple-SEC case remains uncertain, and any negative developments could have a significant impact on XRP's price. Traders should carefully consider their risk tolerance before investing in XRP or any other cryptocurrency.
Despite these caveats, the recent surge in XRP trading activity is a testament to the enduring appeal of cryptocurrencies in South Korea. As the legal landscape for digital assets continues to evolve, the country's role as a global cryptocurrency hub is likely to grow.
Disclaimer: This article provides general information and should not be considered financial advice. Investing in cryptocurrencies involves significant risks.
XRPUSDT ( BETWEEN TWO TURNING LEVEL ) ( 1H )XRPUSDT
HELLO TRADERS
Tendency , the price inside two turning level at 0.62 & 0.60 .
TURNING LEVEL (1) : the price of this level at 0.60 , so if the price breaking this level reach a resistance level (1) .
TURNING LEVEL (2) : the price of this level at 0.62 , so if the price breaking this level reach a support level (1) .
RESISTANCE LEVEL (1) : this level around 0.65 , for reach this resistance level the price need breaking a turning level (1) .
RESISTANCE LEVEL (2) : around 0.69 , for reach this level it will be breaking by open 4h or 1h candle above resistance level (1) .
SUPPORT LEVEL (1) : this level around 0.56, for reach this support level the price need breaking a turning level (2) .
SUPPORT LEVEL (2) : support level at 0.51, for reach this level will be breaking by open 4h candle below support level (1) .
CORRECTIVE LEVEL : currently price 0.61 , have two scenario , first corrective 0.62, before dropping to touch a 0.60 , then 0.56, second corrective 0.60 to reach a 0.62 , then breaking this level reach a resistance level (1).
TARGET LEVEL :
RESISTANCE LEVEL : 0.65, 0.69 .
SUPPORT LEVEL : 0.56 , 0.51 .
XRP : buy 0.55 $Technical Analysis of XRPUSD Buy Signal 🚀📈
AhmadArz Analysis:
In the 4-hour XRP/USD chart from TradingView, a clear upward trend is observed. The prices are consistently moving within an ascending channel 📊 and have recently reached a new local high. This chart highlights optimal entry and exit points for a successful trade.
Entry Point:
The suggested entry point is around $0.61122. This point is near the middle line of the ascending channel, making it a good entry for continuing the upward trend. 📈
Stop Loss:
The stop loss is set at $0.50705. This level is below the previous support and indicates the end of the current upward trend if breached. 🛑
Take Profit Levels:
TP1: $0.59686
TP2: $0.63724
TP3: $0.68110
TP4: $0.73448
These profit targets are set progressively as the price reaches higher resistance levels, allowing the trader to exit the trade gradually and lock in profits. 💰
Important Points:
Ascending Channel: The black lines indicating the channel represent dynamic support and resistance. Prices continuously move between these lines. 📊
Strong Trend: The steep slope of the channel indicates a strong upward trend, increasing the likelihood of this movement continuing. 🚀
Entry and Exit Points: The selection of entry and exit points is optimized using technical analysis to provide maximum profit with minimum risk for the trader. 📈
This analysis serves as a practical guide for traders looking for optimal opportunities to enter the market and profit from strong trends.
Ripple (XRP): brief price analysisXRP has been stuck between $0.57 and $0.64 for the past few days, indicating a balance between supply and demand.
The upsloping 20-day EMA ($0.57) and the RSI near 63 suggest that the bulls have the edge. The XRP/USDT pair could rise to $0.64, which is an important level to watch out for. If buyers clear this hurdle, the pair may pick up momentum and surge to $0.74.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that the bears have seized control. That may start a slide to the 50-day SMA ($0.51).
Will XAPUSD break above 0.66155 resisance?Looking at previous data (Every time price broke above the 0.66155 )
1. 11 Dec - 17 Dec 2017 Week
- Price rallied all the way past 0.91723 to 3.31700 before the huge sell off the following week which saw price go all the way to 0.57!
2. 09 Apr - 15 Apr 2018 Week
- Price rallied up past 0.91723 to 0.96490, not as impressive as the first rally. Then a sell-off followed pushing price past the previous 0.57 level to 0.42.
And for close to at least 2 years, we saw price rejecting the 0.66155 level, failing to breach it. But then 2021!!
3. 26 Jul - 01 Apr 2021 Week
- XRPUSD broke the resistance massively, this was after a bullish momentum of 3 weeks before, zooming past 0.91723 , and then finally break the $1.00 psychological level and peak at 1.96900. AND THEN A SELL OFF! By the beginning of 2022 price was already below the 0.66155 key level. Again, acting as a ceiling for price.
4. 31 Jan - 06 Jan 2022 Week
- In the last week of January, bulls too charge after sellers failed to breach below 0.58536 which was acting as a minor support. Price pushes up to 0.91723 . Before the baton was passed on to bears.
5. 10 Jul - 16 Jul 2023 Week
- Closed that week above 0.66155 resistance, taping 0.91723 before receding.
We haven't seen price break and close above the 0.66155 level after the 5th attempt (10 Jul - 16 Jul 2023 Week). It has tried for close to 9 weeks (not consecutively) and failing every single time. But with how things are moving, already 2 weeks of bullish reign, could we see price attempting to cross over the resistance?
NB: If you have been paying attention, you'll notice that in all the instance I listed above the 0.91723 level has been tapped. In all the INSTANCES. For those that are not getting it, every time price crosses above 0.66155 , it touches the 0.91723 level. Then decisions are made there on whether to continue the bullish momentum or opposite. Do with this information what you would.
XRPUSDT ( UNDER DOWNWARD ORESSURE ) ( 4H )XRPUSDT
HELLO TRADERS
Tendency , the price is under bearish pressure , until trading below turning level .
TURNING LEVEL : the price of turning level around 0.60 , so if the price breaking this level reach a first resistance level , as long as BINANCE:XRPUSDT price breaking this level reach a first resistance level .
RESISTANCE LEVEL (1) : this level around 0.63, for reach this resistance the price it will be breaking turning level .
RESISTANCE LEVEL (2) : around 0.66 , for reach this level it will be breaking by open 4h candle above resistance level (1)
SUPPORT LEVEL (1) : this level around 0.57 , for reach this support level the price need stabilizing below a turning level .
SUPPORT LEVEL (2) : support level at 0.54 , for reach this level the price will be breaking by open 1h or 4h candle below support level (1) .
CORRECTIVE : the price may be corrective turning level at 0.60 , before drooping .
TARGET LEVEL :
RESISTANCE LEVEL :0.63 , 0.67 .
SUPPORT LEVEL : 0.57 ,0.54 .
XRP Breaks Through: A Bullish Signal or False Dawn?XRP, the native token of the Ripple network, has been making waves recently with a surge in price that sees it decisively breaking through both the 50-day and 100-day Exponential Moving Average (EMA) lines. This technical indicator suggests a potential shift in momentum for the cryptocurrency, but is it a sign of a sustained bullish trend or a temporary blip?
Understanding the EMAs
EMAs are a popular technical analysis tool used to gauge an asset's price movement. They smooth out price fluctuations by giving more weight to recent prices. The 50-day EMA reflects the short-term trend, while the 100-day EMA represents the mid-term trend. Traditionally, a breakout above both EMAs is considered a bullish signal, indicating a potential reversal from a downtrend or a continuation of an uptrend.
XRP's Recent Price Action
For much of 2024, XRP had been trading sideways, consolidating around the crucial $0.50 support level. However, a recent uptick in buying pressure has pushed the price above the 50-day EMA and decisively past the 100-day EMA. This breakout suggests a potential shift in market sentiment, with investors becoming more optimistic about XRP's future prospects.
Possible Reasons Behind the Breakout
Several factors could be contributing to XRP's recent bullish momentum:
• Renewed Interest in Ripple - Ripple, the company behind XRP, has been making significant strides in its ongoing lawsuit with the SEC. Recent developments in the case, such as favorable court rulings, could be boosting investor confidence in Ripple and by extension, XRP.
• Increased Adoption of RippleNet - RippleNet, Ripple's cross-border payment network, has been gaining traction in the financial sector. New partnerships and successful use cases could be driving demand for XRP, which is used to facilitate transactions on the network.
• Broader Market Recovery - The cryptocurrency market as a whole has shown signs of recovery in recent months. This positive sentiment could be spilling over to XRP, leading to the current price increase.
Is This a Sustainable Bull Run?
While the breakout above the EMAs is a positive technical indicator, it's crucial to maintain a cautious outlook. Here are some factors to consider:
• Market Volatility - The cryptocurrency market remains highly volatile. Short-term price swings and potential corrections are still a possibility.
• Outcome of the SEC Lawsuit - The ongoing legal battle between Ripple and the SEC is a major overhang for XRP. A negative outcome could dampen investor enthusiasm.
• Regulatory Landscape - Regulatory uncertainty surrounding cryptocurrencies persists globally. Stricter regulations could hinder XRP's adoption and growth.
Looking Ahead
The recent breakout of XRP above the 50-day and 100-day EMAs is a positive development, but it's too early to declare a sustained bull run. Continued buying pressure, positive developments in the SEC lawsuit, and wider adoption of RippleNet are necessary for XRP to maintain its upward trajectory. Investors should closely monitor these factors and conduct thorough research before making any investment decisions.
In Conclusion
XRP's recent price action has sparked renewed interest in the cryptocurrency. While the technical indicators suggest a potential bullish trend, a wait-and-see approach is recommended. Continued monitoring of market forces, legal developments, and regulatory landscapes will provide a clearer picture of XRP's long-term prospects.
XRP Rockets 12%: Triangle Pattern and Futures Signal Bullish RunXRP, the native token of Ripple, has defied the recent market stagnation with a stellar 12% surge in the past 24 hours. This jump extends its weekly gains to a remarkable 40%, significantly outperforming other major cryptocurrencies. This unexpected bullish move is fueled by a combination of technical analysis and a surge in futures bets, suggesting a potential continuation of the uptrend in the coming weeks.
Bullish Triangle Hints at Breakout
Technical analysts are pointing to a significant development on XRP's long-term price charts – the formation of a bullish triangle pattern. This pattern typically emerges when the price action gets squeezed between converging trendlines, one acting as resistance and the other as support. As the price fluctuates within this narrowing range, a breakout is often anticipated, with the direction determined by which trendline is breached.
In XRP's case, the triangle pattern hints at a potential upside breakout. This is further bolstered by the recent price surge, which has pushed XRP towards the upper trendline of the triangle. If this resistance level is convincingly broken, analysts predict a significant price increase, with the height of the triangle often serving as a target for the breakout.
Rising Futures Open Interest Fuels Optimism
Adding fuel to the bullish fire is the noteworthy rise in open interest for XRP-tracked futures contracts. Open interest refers to the total number of outstanding futures contracts that have not yet been settled. A significant increase in open interest suggests a growing number of traders are placing bets on XRP's price movement, with a rising number typically indicating anticipation of volatility and potential price increases.
The near doubling of XRP futures open interest within the past week signifies a surge in investor confidence and a potential influx of capital into the XRP market. This aligns with the bullish triangle pattern, suggesting a confluence of technical and market sentiment that could propel XRP further upwards.
Is XRP Back on Track?
XRP's recent performance marks a significant turnaround after a prolonged period of lagging behind the broader market. This sluggishness stemmed partly from the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security. However, with some positive developments in the case, including a recent partial dismissal of the SEC's claims, investors appear to be regaining confidence in XRP's long-term prospects.
A Note of Caution
While the current momentum is undoubtedly positive for XRP, investors should exercise caution. The cryptocurrency market remains inherently volatile, and unforeseen events can trigger sudden price swings. As always, thorough research into XRP and the broader market environment is crucial before making any investment decisions.
Looking Ahead
The combined forces of the bullish triangle pattern and rising futures open interest paint a promising picture for XRP in the near future. If the anticipated breakout from the triangle materializes, XRP could experience a sustained price increase in the coming weeks. However, close monitoring of market developments and ongoing legal proceedings surrounding XRP remains essential for investors navigating this dynamic market.
XRPUSDT 1WXRP ~ 1W
#XRP Make purchases gradually after successfully breaking through this resistance line with a minimum target of 20%+
XRPUSDT ( UNDER LONG PRESSURE ) ( 4H ) XRPUSDT
HELLO TRADERS
Tendency active bullish after the price stabilizing a turning level around 0.41 .
TURNING LEVEL : a blue line between resistance and support level around 0.041, indicates if the price stabilizing above this level reach resistance level , if the breaking turning level reach a support level .
RESISTANCE LEVEL : there is a green line around 0.45 , indicates selling have already increase this level , so if the price stable turning level reach this level .
SUPPORT LEVEL : there is a red line below turning level around 0.38 , indicates buying have already increase this level , so if the price breaking turning level reach this level .
PRICE MOVEMENT : maybe first the price will trying to dropping turning level around 0.41, after rising to the resistance level around 0.45 , then stable above this level and breaking a gap easily to reach at 0.47 , if the price breaking turning level reach a support level at 0.38 , then stable by open 4h candle below this level reach a 0.37
TARGET LEVEL :
RESISTANCE LEVEL : 0.45 , 0.46 ( gap ) , 0.47
SUPPORT LEVEL : 0.38 , 0.37
XRP Chart Analysis: Old-school coins are pumping!Hello everyone, I’m Cryptorphic.
For the past seven years, I’ve been sharing insightful charts and analysis.
Follow me for:
~ Unbiased analyses on trending altcoins.
~ Identifying altcoins with 10x-50x potential.
~ Futures trade setups.
~ Daily updates on Bitcoin and Ethereum.
~ High time frame (HTF) market bottom and top calls.
~ Short-term market movements.
~ Charts supported by critical fundamentals.
Now, let’s dive into this chart analysis:
CRYPTOCAP:XRP recently pumped 48% from $0.3812 to $0.5659, creating interest for old-school XRP hodlers.
The price is currently facing two important resistance levels:
- The 0.618 Fib Retracement at $0.5350
- The 50 EMA resistance at $0.5210
To reach the resistance trendline at $0.62, CRYPTOCAP:XRP must break through these two resistance levels. A rejection is likely to drop the price back to the pavilion.
Key Observations:
- Primary Resistance: 50EMA and 0.618 Fib Retracement at $0.5350.
- Higher Resistance: $0.62.
- Support: $0.4148.
DYOR before making any decision. NFA.
Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see!
Thank you!
#PEACE
Understanding When XRP Will MOON - Part 3 MartyBoots here. I have been trading for 17 years and I am here to share my ideas with you to help the Crypto space. The Bull market is here
Even tho the bull market is here XRP has not mooned yet . The ALTCOIN market has just hit a critical level , when this happens XRP can start its move higher . This needs to be watched carefully.
XRP To The MOON
Please watch the video for more information
XRP - Increase Possible after THIS LEVELXRP - it's possible that the bottom may be near, and we're going to use a technical indicator to look for the bottom.
It should be noted that I am NOT a fan of XRP BUT, I understand tat all coins are tradable despite whether or not I like them.
So let's dive into the SIGNS of the times:
Looking at the RSI below the chart, historically XRP bottoms are close when the RSI hit's the yellow line (34). It could trade lower for a few ore weeks to come, but ultimately this low RSI signals the bottom is either in or close.
It is also worth noting that the M-Pattern should be finished playing out, or close to finished:
Either way, if you MUST trade XRP, buy low and sell high. Bag holders gets burnt!
____________________________
BINANCE:XRPUSDT
XRPUSD BULLISH MONEY HEIST PLANMy Dear Robbers / Traders,
This is our master plan to Heist XRPUSD Market based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich.
Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money.
Stop Loss : Recent Swing Low using 4h timeframe
Warning : Fundamental Analysis comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update.
Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target.
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XrpUsd - The beginning of the end?BITSTAMP:XRPUSD is actually attempting to invalidate my long term bullish case scenario.
Trading cryptocurrencies in general is not easy. You always experience two digit moves in single days and drops of -10% are never easy to digest. Looking at the higher timeframes is key though, also on XrpUsd. XrpUsd is still trading in the triangle formation and retesting the last bullish inflection point. My general optimism tells me that we will see a bullish rejection here.
Levels to watch: $0.42
Keep your long term vision,
Philip - BasicTrading
Xrp still trending on pullbacks!Clearly Xrp is replicating what happened in 2017 before it's first major bullrun to $3+. We should take note that more than 8000 Xrp are still burned on a daily basis and ever increasing. This has minimal effect on the price yet we still see these frequent trendlines to the upside on these pullback wicks. They can't be sold forever and the sellers will eventually get rekt.
From the previous 2017 bullrun we saw Xrp hit 0.0030 and so I believe Xrp won't go below 0.30 cents. Lowest possible before prices start moving back towards all time highs.
XRPUSDT ( BETWEEN RESISTANCE AND SUPPORT TRENDLINE ) ( 4H )XRPUSDT
HELLO TRADERS
Tendency the price trade below a resistance trendline , indicates the price is under bearish pressure
TREND ANALYSIS : resistance trendline was strong not easy to breakout , the price trade below this line to reach a support level
TURNING LEVEL : a black line around 0.46 , indicates if the price stabilizing below this level reach support level , if the breaking turning level reach a resistance level
RESISTANCE LEVEL : there is a green line around 0.49 , indicates selling have already increase this level , so if the price breaking above turning level reach this level
SUPPORT LEVEL : there is a red line below turning level around 0.43 , indicates buying have already increase this level , so if the price stabilizing below turning level reach this level
PRICE MOVEMENT : as long as the price trade below turning level at 0.46 , reach a support level at 0.44 , then stable below this level reach a 0.43 , if the price breaking turning level reach a resistance level at o.48 , then stable above this level touch a 0.49
CORRECTIVE LEVEL : the price corrective turning level at 0.46 , before dropping
TARGET LEVEL :
RESISTANCE LEVEL : 0.47, 0.48
SUPPORT LEVEL : 0.44 , 0.43
What's the red line? XRPIt's not a secret that i hold a discrete bag of XRP. And i am holding it at least till a new all time high (this year?). Now, i want to show you what the red line. I added a volume profile for the whole chart of XRP, since the beginning. As you can see, the red line is where the price was traded the most (to simplify) and has generated the highest volume. Price is back again on this level (around 0.39) and majority of trades are long. This is, matematically, a strong, strong level. I expect that if something will happen, it's from there. And a flash dump, it's exactly need to generate a massive, flash pump.
Support me with a like and share my ideas, thanks
XRP Price Analysis: Support and Resistance LevelsXRP has recently experienced a significant decline, breaking below crucial support levels, notably $0.4240 and $0.4150. The price reached a low of $0.3826 before beginning a recovery wave. Despite this recovery, the price is still trading below the $0.4250 mark and the 100-hourly Simple Moving Average (SMA).
Key Levels to Watch
Support Levels:
Immediate support at $0.3900
Major support at $0.3850
Potential further support at $0.3620 if the price continues to decline
Resistance Levels:
Immediate resistance at $0.4050
Significant resistance at $0.4150 (aligned with the 50% Fibonacci retracement level and a key bearish trend line)
Additional resistance at $0.4220
Higher resistance at $0.4380 and $0.4450
Technical Indicators
Trend Line: A key bearish trend line is forming with resistance at $0.4150 on the hourly chart.
Fibonacci Retracement: The price faces resistance at the 50% Fib retracement level of the recent decline from $0.4467 to $0.3862.
Analysis
The XRP/USD pair is currently consolidating losses and may struggle to break above the $0.4150 resistance zone. The presence of a bearish trend line and the position of the 100-hourly SMA indicate a bearish sentiment in the market. The immediate recovery above $0.4050 may face strong resistance at $0.4150, beyond which $0.4220 acts as the next significant hurdle.
If the price fails to breach these resistance levels, it might witness another downward movement. Breaking below $0.3850 could lead to further declines, potentially targeting the $0.3620 support level.
Recommendation
Given the current market conditions and technical indicators, the following recommendations are made:
For Current Holders:
Monitor the $0.4050 and $0.4150 resistance levels closely. Consider reducing positions if the price fails to break above these levels and shows signs of further weakness.
Set stop-loss orders below the $0.3850 level to mitigate potential losses in case of a continued decline.
For Potential Investors:
Exercise caution and wait for a clear breakout above the $0.4150 resistance before considering new positions. A sustained move above this level could signal a potential recovery towards $0.4220 and higher.
Alternatively, look for buying opportunities if the price approaches the $0.3620 support level, provided there are signs of stabilization and reversal from that point.
For Short-Term Traders:
Consider shorting positions if the price struggles to break above $0.4150 with a target around $0.3850 and a stop-loss just above the trend line resistance.
Be prepared to switch to long positions if a clear breakout above $0.4150 occurs, targeting the $0.4220 and $0.4380 levels.
Conclusion
XRP Investment Strategy: Capitalizing on a Bullish TrendXRP is currently experiencing a bullish trend, trading above $0.4720 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line with support at $0.4760, indicating a potential upside break if it can surpass the $0.4840 resistance zone.
If successful, the price may target the $0.4880 and $0.5050 resistance levels, with further potential to reach $0.5120 and beyond. However, if XRP fails to clear the $0.4840 resistance, it might decline towards the $0.4765 and $0.4740 support levels, potentially falling to $0.4640 if these supports fail.
Given the current bullish trend and potential for upside movement, consider the following investment strategy:
Entry Point: Buy XRP if it closes above the $0.4840 resistance level, indicating a potential breakout and continuation of the bullish trend.
Short-Term Targets: Aim for profit-taking at $0.4880 and $0.5050, with a possibility to extend to $0.5120 and $0.5250 if bullish momentum continues.
Stop-Loss: Place a stop-loss order below the $0.4740 support level to mitigate risk in case of a downside break.
Monitoring: Keep an eye on the $0.4840 resistance level. If XRP fails to break this level and shows signs of weakness, consider a more cautious approach or partial exit to protect your investment.
This strategy balances the potential for gains with risk management, ensuring you can capitalize on the bullish trend while minimizing losses in case of a reversal.
XRP Price Likely to Fall Again: Understanding The Key DriversXRP's price has been falling continuously below the $0.480 level, similar to what happened with Bitcoin and Ethereum, dropping below $0.4650 down to $0.4620. The price formed a low at $0.4619 before it recently began to recover.
The price saw a noticeable upward movement above the $0.4700 and $0.4720 resistance levels, even surpassing the halfway mark of the Fibonacci retracement for the recent downward wave from $0.4885 to $0.4620. However, sellers are still active around the $0.4780 area, defending the 61.8% Fibonacci retracement level of the same downward wave. There are also significant downtrend lines forming with resistance at $0.4770 on the hourly chart for the XRP/USD pair.
Currently, XRP is trading below $0.4800 and also below the 100-hour simple moving average. From the upside, the price faces resistance near $0.4770, with the first major resistance near $0.4800.
If the price successfully surpasses the $0.4800 resistance, it may head towards the $0.4885 resistance. The next significant resistance is at $0.5050, and a close above this area could push the price higher. The following main resistance is at $0.5250, and any additional gains might direct the price towards $0.5500.
On the other hand, if XRP fails to overcome the $0.4800 resistance area, it could start recording more declines. The initial support on the downside is at $0.4685, and the next significant support is at $0.4620. If there is a downward break and close below $0.4620, the price might gain bearish momentum. In this case, the price could trade even below the $0.450 support in the near future.
Recommendation... Sell or Buy?
Based on the data and XRP price movements and current resistance and support levels, the market seems headed towards more short-term selling pressure for several reasons. One is that XRP faces solid resistance at $0.4800, and its repeated failure to exceed this level indicates weak upward momentum. Another reason is that XRP trading below the 100-hour moving average suggests a short-term downward trend.
Therefore, if XRP fails to break the resistance level and starts to decline, this might increase the selling pressure, making selling a reasonable option to reduce losses or avoid larger drops. However, it's beneficial to monitor the market for some time to see if XRP can break the resistance and confirm an upward trend before making a decision.
Remember, managing risks and setting acceptable loss limits is crucial in cryptocurrency trading due to its high volatility.
