đź‘Ť 31 đź‘Ž 12
XRP is trading at $2.2751 with a market cap of $131.86 Billion, down 2.49% in the last 24 hours, showing continued weakness after hitting a 24-hour low of $2.2476. Despite the recent bearish sentiment, realistic near-term goals extend between $3 and $5.85.
XRP has been highly volatile this month, trading between $2.30 and $2.47, still down by 1.6% from its previous month’s price.
XRP Price Analysis
XRP price action shows a declining trend at play, reflecting the increasing bearish influence in the daily chart. The downfall continues to create lower high peaks leading to a resistance trendline formation.
The downfall is currently testing the immediate support level at the $2.24 mark. Furthermore, the 1.80% pullback in the current 4-hour candle hints at a potential failure of a morning star pattern.
The price is currently trading below both the 50 EMAÂ and the 200 EMA, indicating a bearish bias in the medium term. The recent rejection at the 200 EMA around $2.45 confirms this level as strong resistance that bulls must overcome to reverse the current downtrend.
Furthermore, the RSI is currently at 41.18, below the midpoint of 50, indicating bearish momentum in the short term. The RSI has been going downward from its recent peak and is approaching oversold territory.
XRP Price Targets
XRP Price currently is close to the support level of $2.2459. In case the XRP price shows a post-retest reversal, the recovery run will aim towards $2.4565.
If the price breaks below the support level, it will likely push to the previous week’s low of $1.99.
Also Read:Â Franklin Templeton Submits Application for XRP ETF
We’d Love to Hear Your Thoughts on This Article!
Was this writing helpful?
Tell us why!
Credit: Source link