XRP Faces Bearish Pressure After Crashing Critical Support, Eyes $0.4663
The post XRP Faces Bearish Pressure After Crashing Critical Support, Eyes $0.4663 appeared on BitcoinEthereumNews.com.
The price of XRP has recently experienced significant bearish momentum, leading to the breakthrough of a crucial support level at $0.5724. As the cryptocurrency surpasses the key support mark, it signals a significant shift in market sentiment, increasing fears of a continued downtrend. This breach suggests that the selling pressure is intensifying and could lead to a potential price deceleration toward the next critical support level at $05291. This article delves into XRP’s current price action, the implications of breaking the $0.55724 support, and what to expect in the coming days. At the time of writing, XRP’s price was trading at roughly $0.5699, a 1% decrease from the previous day’s price. The cryptocurrency’s market cap has dropped by 13.15%, valued at $31 billion, while its trading volume has declined by 1%, valued at $1.6 billion. Market Sentiment Turns Negative For XRP On the 4-hour chart, XRP has continued to demonstrate bearish strength after dropping below the 100-day Simple Moving Average (SMA). Multiple bearish candlesticks have formed, and the price has breached the $0.5724 support level. These recent price movements indicate a negative shift in market sentiment, which could lead to further declines towards the $0.5291 support level. Source: XRPUSDT on Tradingview.com The signal line and the Moving Average Convergence Divergence (MACD) line on the 4-hour chart have fallen below the zero line and are currently trending in the oversold zone. Additionally, the MACD histograms are trending below the zero line, suggesting a potential continued downward movement for the crypto asset. On the 1-day chart, XRP’s price has successfully breached the $0.5724 support level on the previous day and is moving towards the $0.5291 mark and the 100-day SMA. If the price continues its downward momentum and falls below the SMA, it could indicate a shift toward a more bearish market…
Filed under: News - @ August 4, 2024 10:20 am