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Home»Analysis»XRP Price Prediction – Downward Pressure Possible Before New Rise to $0.72
Analysis

XRP Price Prediction – Downward Pressure Possible Before New Rise to $0.72

2023-11-28No Comments3 Mins Read
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XRP price is falling from the USD 0.732 resistance. The price is now at risk of more losses towards the USD 0.550 support before the bulls take a stand.

  • XRP started a downward correction below USD 0.638 and USD 0.612.
  • The price is now trading below $0.625 and the 100 simple moving average (4 hours).
  • A major descending channel is forming with resistance near $0.622 on the 4-hour chart of the XRP/USD pair (Kraken data source).
  • The pair dives towards the $0.550 support before the bulls take a stand.

XRP price turns red

In recent days, XRP has seen a steady decline from the $0.740 zone. There was a move below the USD 0.685 and USD 0.638 support levels. The price even dipped below the USD 0.612 support, underperforming Bitcoin and Ethereum.

There was a recovery wave from $0.572, but the bears were active around $0.638. A high was formed near $0.6385 and the price is now heading lower. There was a break below the 50% Fib retracement level of the upward move from the $0.5723 swing low to the $0.6385 high.

XRP is now trading below $0.625 and the 100 simple moving average (4 hours). A major descending channel is also forming with resistance near $0.622 on the 4-hour chart.

On the upside, immediate resistance is around the $0.615 level. The first major resistance is near the $0.622 zone or the 100 simple moving average (4 hours) or the upper channel zone. A close above the $0.622 resistance zone could lead to a steady rise.

XRP Price Prediction

Source: XRPUSD on TradingView.com

The next major resistance is near USD 0.638. If the bulls continue to act above the USD 0.638 resistance level, a rally towards the USD 0.700 resistance could take place. Any further gains could send XRP towards the USD 0.720 resistance.

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More disadvantages?

If XRP fails to break the USD 0.622 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.588 zone.

The next major support is at USD 0.572. If there is a downside break and a close below the USD 0.572 level, the XRP price may accelerate lower. In the said case, the price could retest the USD 0.540 support zone.

Technical indicators

4-hour MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major support levels – $0.588, $0.572 and $0.540.

Major resistance levels – $0.622, $0.638 and $0.700.

Source link

Downward Prediction pressure Price Rise XRP
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