The price of XRP was consolidating throughout the day on its four-hour chart. The bulls are no longer in control, but they’re struggling to keep prices from falling below their immediate support level. XRP price is still under pressure and could lose more ground soon despite gaining 1.5% in the last 24hrs.
The coin lost 10%, but it’s still trading above its vital support line. The technical outlook for this coin also indicates a bearish trend. XRP price lost the $0.39 level and has been trading sideways since then.
XRP needs to break through $0.34 if it hopes for any upward movement soon enough– and that’s a big “if.” A decline in buying pressure on the chart indicated that prices might be weaker than expected.
As Bitcoin moves lower on the chart, other altcoins have also dipped. The current support level for XRP is critical because if it loses that, then further downward movement could be expected over the immediate trading sessions.
XRP Price Analysis
The cryptocurrency is currently valued at $0.34 per coin. XRP must maintain its price above $0.33 for now. If the price falls below $0.33, it will trade at a multi-week low, potentially leading to more losses for investors in this coin’s future.
The coin’s overhead resistance is $0.37, and if that topples over into a price ceiling for it, the next target will be at $0.40. The coin has been on a steady decline since losing its long-term support at $0.36, and it looks like the trend will also continue moving southbound in this instance.
By moving above $0.34, XRP may be able to gain back some of its lost value. The XRP charts show that buying strength has decreased recently, meaning there’s less interest in trading the token.
With the fall in the price of altcoins, some traders are again entering this market. The XRP price needs buyers’ help to move up the chart. With the RSI below 50%, selling pressure was higher than buying strength. XRP price seems to be slowly but surely recovering!
The indicators are all pointing toward an upswing in the coming days, which would mean good news for investors who have been waiting on the sidelines too long. There’s a lot of back-and-forth in the market as buyers and sellers battle it out. It looks like prices will slowly move towards one another, but not before some more volatility.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)