The post XRP Rally To $0.6360 Subsides As Price Faces New Decline appeared on BitcoinEthereumNews.com.

In recent trading activities, XRP has taken a significant hit in its latest attempt to rally toward its previous high of $0.6360. Despite initial bullish momentum suggesting a potential breakout, XRP could not sustain its upward trajectory. The failure to reach the anticipated target has led to a notable decline in value, raising concerns among traders and analysts about the short-term outlook for XRP. As XRP struggles with these hurdles, this article seeks to analyze its current price movement and the technical indicators suggesting a sustained drop. The goal is to provide readers with a comprehensive understanding of the token’s potential future trajectory. XRP was trading at $0.5974 at the time of writing, indicating a 1.13% gain. The cryptocurrency has garnered a trading volume of more than $2 billion and a market capitalization of more than $33 billion. Over the past day, XRP’s trading volume has increased by 41.17%, while its market cap has increased by 1.13%. Initial Bullish Momentum Falters On the 4-hour chart, although XRP is still actively trading above the 100-day Simple Moving Average (SMA), its price is currently on a bearish move towards the $0.5725 mark after failing to sustain its upward trajectory. If the digital asset continues its current bearish trend, it could drop below the $0.5725 mark. The 4-hour Composite Trend Oscillator indicates that XRP may continue its bearish trajectory toward the $0.5725 mark, as the signal line is currently attempting a drop below the SMA of the indicator. If the signal line crosses below the SMA, both lines are likely to move toward the zero line, signaling a potential extended decline for the coin. On the 1-day chart, following the failure of XRP to sustain its upward trajectory to its previous high of $0.6360, the price is currently attempting a single candle bearish…

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Filed under: News - @ July 23, 2024 11:22 pm