The post is XRP About to Crash Much Lower Than $0.5? appeared on BitcoinEthereumNews.com.

Ripple’s recent activity has highlighted a bearish trend, with a rejection at the 200-day moving average of $0.53. This resistance has halted the cryptocurrency’s previous upward momentum, driving the price back toward the $0.5 support level. Therefore, this raises concerns about its prospects. By Shayan The Daily Chart On the daily chart, XRP recently encountered selling pressure after a minor retracement toward the 200-day moving average, leading to a sharp rejection. This resistance has halted the sustained bullish momentum, causing Ripple to revisit the $0.5 support region. This level has consistently acted as a stronghold for buyers in recent months, making it a critical area for sellers aiming to drive the price lower. Currently, XRP is trading within the $0.5-$0.53 range, with the impending breakout likely defining the next mid-term trend. Source: TradingView The 4-Hour Chart The 4-hour chart provides a closer look at Ripple’s consolidation within a crucial support zone between the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci retracement levels. XRP has recently encountered resistance around the 0.618 level and the upper boundary of its wedge formation, suggesting seller activity at this juncture. Should the cryptocurrency break above this resistance level, a bullish rebound towards the $0.55 zone is possible. However, given the broader bearish sentiment, a continuation of the consolidation or a bearish breakdown below the $0.5 level appears more likely in the short term. A decisive break below $0.5 would signal a potential sustained downward trend. Source: TradingView SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Disclaimer: Information found on CryptoPotato is those of writers…

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Filed under: News - @ November 2, 2024 3:23 pm