Convergence

Bitcoin

<img width="1200" height="686" src="https://coingape.com/wp-content/uploads/2024/02/1702641962-xrp-ripple-kripto-para-birimini-havali-ve-futuristik-bir-tarzda-temsil-eden-bir-dijital-sanat-gors-e1708424724352.jpg" class="attachment-full size-full wp-post-image" alt="XRP price" decoding="async" style="float:right; margin:0 0 10px 10px;">
The ongoing rally in the sixth largest cryptocurrency <a href="https://coingape.com/cardano-founder-debunks-xrp-conspiracy-theories-in-ama/">XRP</a> witnessed a major roadblock at the $0.575 barrier. The long-wick rejection at this barrier reflects the overhead supply and the formation of a double-bottom pattern. The broader market sentiment continues to invalidate the buyer’s attempt and trigger a consolidation in several major altcoins. Will the BTC price reversal from $52K, plunge the XRP price back to $0.5? 
Also Read: <a href="https://coingape.com/ripple-xrp-case-update-financial-odl-details-remain-sealed-until-sec-remedies-brief/">Ripple XRP Case Update: Financial, ODL Details Will Remain Sealed Until SEC Remedies Brief</a> 
<h2 id="b-is-xrp-price-heading-to-0-5-b">Is XRP Price Heading to $0.5</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/bNOPW3Py.png" alt="BINANCE:XRPUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 XRP Price| Tradingview
 </figcaption>
</figure> 
The February month recovery in <a href="https://coingape.com/price/xrp/">XRP price</a> can be traced using a support trendline in the daily chart. From the last swing low of $0.485, the coin price will surge 14.5% to reach the current trading price of $0.55. 
The coin price rebounded thrice from this support reflecting that the buyers continue accumulating this asset at dips, one of the key aspects for establishing recovery. However, the rally faces a minor road at $0.576 resistance, projected by a daily candle with long wick rejection. 
<blockquote>
 The two reversals from this resistance indicate the possibility of a double-top pattern. This chart pattern often spotted at the major top indicates the XRP price may enter a new correction amid the weakening bullish momentum in BTC.
</blockquote> 
Currently trading at $0.55, the XRP price is down 1.46% and teases a breakdown below the $0.541 neckline support. A successful bearish breakdown will also pierce the support and intensify the selling momentum. 
A post-breakdown fall may have plunged the <a href="https://coingape.com/xrp-news-ripple-collaborates-with-egypts-cib-for-cross-border-payments/">XRP coin</a> by 12% to hit $0.48. 
Conversely, if the support trendline holds, the buyers may rechallenge the overhead resistance trendline to initiate a fresh rally 
Also Read: <a href="https://coingape.com/xrp-whale-offloads-26-mln-tokens-as-ripples-extended-deadline-nears/">XRP Whale Offloads 26 Mln Tokens As Ripple’s Extended Deadline Nears</a> 
<h2 id="strong-technical-indicator-strong">Technical Indicator</h2> 
<ul> 
 <li>Bollinger Band: The midline of the Bollinger band indicator will act as additional pullback support for buyers,</li> 
 <li>Moving Average Convergence Divergence: A bullish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and the signal line indicates the current recovery is still intact.</li> 
</ul> 
Related Articles: 
<ul> 
 <li><a href="https://coingape.com/crypto-prices-today-bitcoin-drops-below-52k-xrp-ada-gain-as-pepe-dips/">Crypto Prices Today: Bitcoin Drops Below 52K, XRP &amp; ADA Gain As PEPE Dips</a></li> 
 <li><a href="https://coingape.com/ripple-moves-60-mln-xrp-right-before-remedies-related-discovery-deadline/">Ripple Moves 60 Mln XRP Right Before Remedies-Related Discovery Deadline</a></li> 
 <li><a href="https://coingape.com/bitcoin-bulls-and-stock-market-woes-max-keisers-forecast/">Bitcoin Bulls and Stock Market Woes: Max Keiser’s Forecast</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-why-xrp-price-is-at-risk-of-0-5-support/">Here’s Why XRP Price Is at Risk of Losing $0.5 Support</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why XRP Price Is at Risk of Losing $0.5 Support

Mục lục

Coingape News Media

Các bài viết khác được xuất bản trên 20 thg 2, 2024

Chinese New Year Continues to Boost Altcoins! 200 Percent Increase Prediction for China-Based Alt...

Ethereum (ETH) price set to hit $3k experts think while Avalanche (AVAX) holders think Pushd (PUS...

BlackRock spotlights Bitcoin ETF with progress-driven ad campaign

Is Elizabeth Warren Feeling The Heat From Pro-XRP Lawyer John Deaton’s Challenge to Authority?

UK Targets Implementation of Stablecoin Regulations

Hong Kong’s Failed AAX Exchange Transfers $56M in Ether

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!